The Republic’s property market is one of the most open in the world, with effectively no limits on overseas buyers
Although second-home ownership causes market and social problems, most owners here are still Irish. Photograph: Dara Mac Dónaill/The Irish Times
The government of the Balearic Islands wants a ban due to a housing crisis and “ghost villages” of holiday homes. It believes the EU would grant it a regional exemption from rules on free movement of capital and acquisition of property. This has support from the left within national Spanish politics.
On Monday, prime minister Pedro Sanchez said: “Ninety-four out of every 100 such visas are linked to real estate investment ... in major cities that are facing a highly stressed market and where it’s almost impossible to find decent housing for those who already live, work and pay their taxes there.”
Foreign house-buyers, as distinct from overseas property investors, are only a noticeable phenomenon in affluent parts of London, where they own 3 per cent of the city’s housing stock. This is said to affect the entire housing market, but its true impact is the resentment of the British social elite at being priced out of their own capital. Labour has promised a crackdown when it gets into office by raising stamp duty for foreign buyers, although it has stopped short of proposing a ban.
Ireland will become involved in any British debate on property restrictions because Irish citizens would have to be exempt to protect the Belfast Agreement and the Common Travel Area. The reverse would apply should Ireland initiate a debate of its own. . This is only beginning to become contentious, following recentto buy homes in south Dublin “sight unseen”, particularly those close to fee-paying schools.
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