Minister: We will stop cuckoo funds ..I lost €15k to one
Irish Daily Mirror|May 11, 2021
Housing boss invested in type of scheme he now hopes to restrict
FERGHAL BLANEY
Minister: We will stop cuckoo funds ..I lost €15k to one

MINISTER Darragh O’Brien has revealed he once lost thousands of euro in a kind of property investment scheme which is being blamed for worsening the housing crisis.

He made the admission as he pledged to put a stop to REIT cuckoo funds buying up vast swathes of much-needed housing.

Real Estate Investment Trusts are financial instruments used by investment funds to buy property ahead of ordinary families while paying little or no tax.

Recent purchases by the international investors have hit almost €700million so far this year and have squeezed ordinary homebuyers out of the market.

This story is from the May 11, 2021 edition of Irish Daily Mirror.

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This story is from the May 11, 2021 edition of Irish Daily Mirror.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.