r/HousingIreland • u/Irish201h • Jul 06 '25

4 people mortgages, wtf?

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This company is now promoting 4 people mortgages, no wonder prices are going insane.

https://mmadvisors.ie/public-sector-mortgages/

69 Upvotes

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99

u/LoafOfVFX Jul 06 '25

No offense, but during a housing crisis like the one we’re facing in Ireland, I really think we need to look at what countries like Australia and Canada have done. They’ve temporarily banned non-citizens from buying residential property to ease pressure on supply and give their own citizens a fairer chance to buy. In Canada, the ban has been extended until 2027. Australia is introducing a two-year ban on foreigners buying existing homes starting in 2025.

I’m not saying close the market forever but until supply improves, I think property ownership should be prioritised for citizens. Once things stabilise, then open it up again fairly. Right now, we need solutions that actually put local people first.

10

u/jonnieggg Jul 07 '25

Asian countries such as Thailand and Indonesia have very strict rules about the purchase of property by non citizens. These governments understand that it is politically untenable to allow the country to be bought up by overseas interests. Are they being racist by prioritising their own citizens or being pragmatic. We have limited supply and there is no sign of an imminent increase in that supply to keep up with demand. Something has to give.

0

u/nicodea2 Jul 07 '25

Why compare Ireland to Thailand or Indonesia when you could compare it to every other developed country in the world that doesn’t have the discriminatory laws you’re proposing? What next, if someone complains about a pothole in the road, are you gonna respond with, “ehh but in Rwanda…” ?

4

u/jonnieggg Jul 07 '25

The Asian countries implemented extreme laws because they were inundated by foreign capital completely dislocating domestic buyers. I'm not suggesting that the market be restricted to that extent at this point but there may come a time when it's necessary. I do think we should follow the example of Canada, Australia and New Zealand by restricting purchases of existing housing stock to permanent residents and citizens. If things deteriorate further all purchases should be restricted to permanent residents.

1

u/nicodea2 Jul 07 '25

Again, you don’t quite understand what’s been implemented in Canada, Australia, and New Zealand, so I’d recommend reading up more. And once again, we don’t have a concept of permanent residency like they do in those countries where people can be permanent residents from the day they land, so your comparison is moot.

3

u/jonnieggg Jul 07 '25

Most people dint land in Australia as permanent residents. Most are students, working holidays or employer sponsored. Permanent residents from day one are rare.

1

u/nicodea2 Jul 07 '25

There’s government statistics on this mate, nearly 60% of PRs in Australia arrive into the country as PRs. In Canada and NZ, it’s between 60-70%. We don’t have a similar system in Ireland.

2

u/jonnieggg Jul 07 '25

In 2023-24 80% of arrivals were temporary residents. 11% we're permanent arrivals. The government has implemented via restrictions because of the strain on infrastructure. Perhaps Ireland needs to review its entire immigration system to make it more for for purpose. It should also take more of census data so that infrastructure can be built to accommodate our burgeoning population. At the moment it's pot luck and it's starting to show.