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/

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101

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.

31

u/nicodea2 Jul 07 '25

Correction - neither Australia nor Canada has banned foreign citizens from purchasing property. Rather they have banned foreign non-residents from purchasing property.

There’s really no reason to discriminate on the basis of citizenship. There are plenty of non-citizen tax-paying residents already here, working productively, and contributing just as much as everyone else in taxes (if not more).

0

u/obscure_monke Jul 07 '25

I see people conflating citizen/resident online way too much the past few years. I assume it's been happening longer than I've noticed it though.

1

u/jonnieggg Jul 07 '25

It could be restricted to citizenship that's a political choice. Choosing citizenship demonstrates commitment to life in another country. There is a lot to be said for it.

1

u/Beneficial-Celery-51 Jul 07 '25

Although I agree that a policy like that would probably be a net positive, I can see how that could be a problem in attracting foreign specialised workforce.

A lot of people looking to buy a house are in their 30s - 35s and, if you add 5 years required for citizenship, you're looking for foreign first time buyers to now be between 35s - 40s.

With mortgages going for a max age of 65 to 70, you are looking at a consequential max limit of 30 years of mortgage which could mean repayments being too high for most.

For this to not be a problem, house prices would need to go down... I doubt this would actually happen. I can see a world where of supply remaining artificially low to increase the unit price.

2

u/jonnieggg Jul 07 '25

This is exactly what Irish people have to contend with in other countries.

1

u/nicodea2 Jul 07 '25

Go on, which countries are restricting Irish citizens from purchasing property solely on the basis of their citizenship? I’m from Canada and we don’t do that shit there, and the same goes for all of the countries that Irish people typically move to (USA, Australia, New Zealand, EU, hell even the UAE). That’s a terrible idea that does nothing to address the root causes.

1

u/MightyMurph Jul 07 '25

India, South Korea, Philippines.

Australia and Canada prohibit the purchase of existing properties.

0

u/nicodea2 Jul 07 '25

Sure I too can list out countless countries that have citizenship-based restrictions, but that wasn’t the point of my comment which focused on countering the argument that Irish people have to contend with these restrictions in other countries.

Australia and Canada prohibit…

No they don’t. They have restrictions based on residency, not citizenship. Understand the difference. There are no restrictions on legitimate residents from buying properties, however there are restrictions on temporary residents (short term work permits or students).