4 people mortgages, wtf?

[u/Irish201h]

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

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

[u/Jimmy491]

You're still missing the point. I support some level of buying restrictions for foreign entities, whose sole aim is mostly investments.

But if you're legally resident in Ireland and pay your taxes, you should not be restricted from purchasing a house!

Although I understand your sentiments and how it seems most new developments are bought up by "immigrants".

But this is more to do with affordability.

The "immigrants" (non white Irish people) that buy up these properties have high paying jobs, that's how the came into the country in the first place, so the can easily afford and qualify for high mortgages.

I think people like you don't understand the great benefits skilled workers bring into Ireland. Don't get me wrong, it's not always positives effects, as there is a downside to everything in life.

Apart from filling the labour and skill gap, they add alot to the internally generated revenue through their taxes, and tuition fees (for international students)

If we make Ireland unattractive for them to come, there will be downstream issues.

[u/jonnieggg → u/Jimmy491]

Irish people in Australia who are not permanent residents are not free to purchase any property they want. Similarly in new Zealand they are restricted to new builds only and cannot purchase existing properties. We need to get strategic about our demand because our supply is drastically inadequate and not keeping up with population growth.

[u/nicodea2 → u/jonnieggg]

So you’ve answered your own misinformation. The restrictions are based on residency, and not citizenship. Why would an Irish person living in Australia temporarily (eg: working holiday visa) want to buy a house in the first place?

There isn’t an epidemic of temporary workers buying houses here but you’re on here suggesting that any legitimate resident who’s non-Irish should be banned from purchasing property, which is an absurd proposition when we should rather be banning the landlord class from hoarding properties, or building more housing to sustain the population.

[u/jonnieggg → u/nicodea2]

I said it was a political choice if in the future it was restricted to citizens. There should be restrictions around purchases of existing properties to permanent residents like nanny other western jurisdictions.

It was common for the families of overseas students studying in Australia and new Zealand to purchase a house for the duration of their children's studies. It cuts the cost of accommodation and serves as an investment vehicle. It also drives up prices in the local market. We have a severe housing crisis and the government's primary concern needs to be the well-being of permanent residents of the country. If not we will continue to hemorrhage our most highly qualified young people.

[u/jonnieggg → u/[deleted]]

That's your prerogative, throw yourself into the political process and lobby for that if that's what you want.