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Why are overseas investors buying Ireland's defective apartments?
Manage episode 443086900 series 2930202
Content provided by dconlon@irishtimes.com and The Irish Times. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by dconlon@irishtimes.com and The Irish Times or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Prospective home purchasers are losing out to cash buyers – mostly overseas investors – on apartments with defects, ranging from minor issues to hazardous faults, because banks will not risk lending to people so they can buy them.
Irish Times journalist Jade Wilson tells In the News about her investigation which found that mortgage-approved buyers are unable to buy second-hand apartments that require remediation works as banks are unwilling to lend on them due to uncertainty around a Government scheme to fix them.
The Government has promised to introduce a €2.5 billion remediation scheme to fix up to 100,000 defective Celtic Tiger-era apartment blocks - many of the developers who built these projects are no longer in business - so that ultimately, the taxpayer is on the hook for the cost.
Presented by Bernice Harrison. Produced by Declan Conlon.
Hosted on Acast. See acast.com/privacy for more information.
686 episodes
Share
Manage episode 443086900 series 2930202
Content provided by dconlon@irishtimes.com and The Irish Times. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by dconlon@irishtimes.com and The Irish Times or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://player.fm/legal.
Prospective home purchasers are losing out to cash buyers – mostly overseas investors – on apartments with defects, ranging from minor issues to hazardous faults, because banks will not risk lending to people so they can buy them.
Irish Times journalist Jade Wilson tells In the News about her investigation which found that mortgage-approved buyers are unable to buy second-hand apartments that require remediation works as banks are unwilling to lend on them due to uncertainty around a Government scheme to fix them.
The Government has promised to introduce a €2.5 billion remediation scheme to fix up to 100,000 defective Celtic Tiger-era apartment blocks - many of the developers who built these projects are no longer in business - so that ultimately, the taxpayer is on the hook for the cost.
Presented by Bernice Harrison. Produced by Declan Conlon.
Hosted on Acast. See acast.com/privacy for more information.
686 episodes
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Similar to In The News
The Women's Podcast, hosted by Róisín Ingle & Kathy Sheridan. Producers: Róisín Ingle and Suzanne Brennan. By women, for everyone. Hosted on Acast. See acast.com/privacy for more information.
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Is it best that our food is Local and Organic or Big and Conventional? Our view is “Both, and..” We don’t come to the table with a bias, except that good farming like good food comes in all shapes and sizes. Farm to Table Talk explores issues and the growing interest in the story of how and where the food on our tables is produced, processed and marketed. The host, Rodger Wasson is a food and agriculture veteran. Although he was the first of his family to leave the grain and livestock farm a ...
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