Belfast Telegraph

'Cuckoo funds' squeezing out Dublin buyers

The Republic's government is still not doing enough to spur residential development in Dublin, according to Kevin Nowlan, the chief executive of property investment firm Hibernia Reit
The Republic's government is still not doing enough to spur residential development in Dublin, according to Kevin Nowlan, the chief executive of property investment firm Hibernia Reit

By John Mulligan

The Republic's government is still not doing enough to spur residential development in Dublin, according to Kevin Nowlan, the chief executive of property investment firm Hibernia Reit.

And he said that criticism of private investors in the build-to-let residential sector is "disappointing".

So-called 'Cuckoo Funds' have also been buying entire apartment developments in the city, he said, renting the properties out in to a hot market and squeezing out potential buyers.

"We're transitioning to an apartment development society," said Mr Nowlan. "Viability for apartments is difficult. The private rented sector capital coming in, I think, is helping to start the delivery of apartments.

"I know it's only one sector and we need delivery in lots of different sectors. We definitely need more state involvement in delivery, we need more social affordable units, we need more downsizer units, we need more affordable rental. We need more of everything."

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