IPAV president Alan Redmond calls for review of vulture funds

A review of the future role of so-called vulture funds, who are flipping Irish properties for profit and in cases forcing existing tenants from their homes, has been called for by Alan Redmond, new president of the Institute of Professional Auctioneers & Valuers (IPAV).

“As we go forward, Irish society needs to look at the notion of selling many more tenanted properties, much in the same way that the commercial sector operates,” Mr Redmond said.

He added: “Tenants should have longer fixture of tenure which should only be broken for breach of obligations, such as the failure to pay rent.”

In front of 300 IPAV delegates, and Minister for Justice and Equality Frances Fitzgerald, Mr Redmond described the arrival of these vulture funds as “highly questionable”.

Mr Redmond also called for a long-term strategy on renting: “Increasing regulation and the lack of any incentives have seen many landlords drift out of this sector at a very critical time. As part of its Budget 2017 strategy, I am calling on the Government to introduce real tax incentives for ordinary buy-to-let investors to encourage more to enter the sector.”

Other issues addressed were greater density for residential development in the capital, improvement of broadband and phone services in rural areas, and improvements in commuter transport in Dublin.

* Details: www.ipav.ie