Ireland's Largest Landlord, Ires Reit, Lobbies for Inclusion in New State Investment Scheme
Ireland's largest landlord, Ires Reit, is lobbying to be included in the new government-backed savings and investment scheme. While Ires argues this would benefit investors and housing, a financial adviser warns it could hinder homeownership. The Department of Finance is developing the scheme, set to launch next year, aiming for accessible and tax-efficient investments.
Ires Reit, Ireland’s largest landlord, is lobbying Minister for Finance Simon Harris to include stock exchange-listed corporate landlords (Reits) as an investment option in the new government-backed savings and investment scheme. Ires, currently the only Reit in Ireland, argues its inclusion would benefit retail investors, renters, and society by channeling domestic savings into new housing accommodation.
Financial adviser Ralph Benson of Moneycube disagrees, stating that allowing Ires into the scheme would lead ordinary citizens to fund increased rental accommodation, thereby decreasing their ability to buy homes. He advocates for diversifying investments globally, beyond Irish property, to avoid over-reliance on the local market.
Ires CEO Eddie Byrne and company secretary Anna-Marie Curry met with Department of Finance officials to discuss their proposal. The Department of Finance confirmed the new scheme will align with European Commission recommendations, offering investment opportunities in shares, bonds, and funds like ETFs, aiming for simplicity, accessibility, and tax efficiency. Policy options are being developed for the October Budget, with the scheme launching next year. Economists have warned Harris’s proposal may benefit the wealthy and create tax base issues.