Key Takeaways
| Issue | What It Means for Buyers | How the Apple Fund Can Help |
|---|---|---|
| Bulk buying by large funds | Fewer homes available for owner-occupiers | State can compete directly in the market |
| High Stamp duty may have reduced bulk-buying | Families still compete with large capital | Public capital can level the playing field |
| Supply remains tight | Investor activity has outsized impact | Expand affordable and cost-rental supply |
| Commuter counties most exposed | First-time buyers feel pressure most | Targeted intervention in high-pressure zones |
Bulk Buying of Homes by Vulture Funds Has Fallen in 2025
Recent reporting shows that institutional funds bought fewer homes in 2025 than in previous years. According to the Tanaiste, the bulk purchase of houses by vulture funds was down to 293 in 2025, from a high of 675 in 2023. Irish Times.
I think that’s progress worth talking about.
However, hundreds of homes were still acquired in bulk – and rented out, not sold. And in a market where supply is already tight, even a few hundred homes do matter. Each bulk purchase removes homes from the pool available to first-time buyers and families seeking a permanent home.
Large investment funds often have a lot of advantages available to them which include:
- Access to deeper capital accounts
- Can buy multiple homes in one transaction
- Do not typically face mortgage lending limits
Ordinary buyers, on the other hand, do not have the above advantages.
Stamp Duty Alone Is Not a Structural Solution
In 2021, a high stamp duty rate of 10% was introduced to restrict institutional funds from bulk-buying new homes after huge public outcry. This stamp duty helped to reduce activity.
Also, the rate applies where a person/institution buys at least 10 properties in any 12-month period.
For greater context, since the 10% stamp duty was introduced in 2021, the below number of homes were affected:
- 2021 – 189 homes
- 2022 – 454 homes
- 2023 – 675 homes
- 2024 – 396 homes
- 2025 – 293 homes
As you can see from the above, the effect of the 10% stamp duty varies; as institutional investors bought even more homes at the start of the stamp duty up to 2023 before declining.
Stamp duty may have helped to free more homes for ordinary buyers, but it has not increased real supply. It has only made already available homes slightly more available to the ordinary buyer.
And here’s the cherry on top – vulture funds can and do use complex, legal vehicles (Section 110 SPVs & QIAIFs) to pay near-zero taxes on rental income in Ireland. So a 10% stamp duty is only a temporary hit for greater long-term gains.
Normal Irish landlords, on the other hand, do not have these options available to them. And you know they would be hit with heavy penalties if they misrepresented their income.
As long as:
- Actual housing supply remains low
- Institutional capital sees an opportunity for rent yields
Funds will continue to participate in bulk-buying despite the 10% stamp duty.
How the €14bn Apple Tax Could Change the Equation
The €14bn Apple tax windfall, which was finally collected in full by the Irish Government in July 2025, is a once-off, non-recurring amount of money.
- It was money that was owed to the Irish State since 2016 by Apple Inc.
- The common taxpayer does not bear it, so this fund is an incredible public service
- It is not a foreign loan, so there are no state obligations or strings attached to a foreign lender.
That is precisely why it should be allocated fully as capital to resolve the housing emergency right now, rather than being stored away in the well-intentioned but non-urgent National Development Plan where the money now sits.
Here are some ways it could reduce the impact of vulture funds on ordinary buyers.
1. Compete Directly for Homes Before Funds Do.
The State could empower local authorities and approved housing bodies to bid for homes at scale before institutional buyers do – and add them to their social and cost-rental housing stock.
Income earned from these units can be reinvested into more public housing and help keep property prices stable.
This does not mean outbidding everyone indiscriminately. It simply means strategically securing stock in high-pressure areas (especially Dublin’s Commuter towns) and reserving it for owner-occupiers or long-term affordable housing.
2. Expand Affordable and Cost-Rental Supply Rapidly
If more affordable homes exist:
- First-time buyers will rely less on the open market
- Large Investor purchases will have less price influence
- And stiff competition for homes will reduce
The Apple fund, if deployed strategically by government, could:
- Accelerate direct public construction
- Acquire turnkey units
- Support SME builders delivering owner-occupier homes by better funding the HBFI
Increasing supply weakens the leverage of bulk buyers.
3. Remove Homes Permanently From Speculative Cycles
Homes retained in social housing, cost-rental and long-term public ownership are removed from private investor portfolios permanently.
Over time, this helps to:
- Stabilise neighbourhoods
- Reduces private market speculative gambling for houses
4. Support Irish-based SME Builders Over Institutional Funds
Institutional buyers often purchase entire estates because developers prefer guaranteed bulk deals.
If the State:
- Provides predictable purchase agreements
- Co-invests in developments that commit to more social and affordable housing units
- Guarantees phased delivery for projects that need it
Developers will no longer depend on institutional funds for certainty, and that shifts power away from bulk investors.
To read more on the above point, please fo HERE.
This Is Not About Banning Investment
Despite my strong (mostly negative) feelings towards vulture funds, I still think they play a pivotal role in local economies; especially large apartment schemes, rental supply for professionals and many regeneration projects that have brought new life in once-derelict communities.
The goal here is not the elimination of large foreign investment. The goal is balance.
Right now, a concentration of large capital in Ireland’s current housing market reduces the opportunity for first-time buyers and ordinary families to buy homes at reasonable prices.
The Apple fund can offer a way to restore equilibrium in the housing market.
Conclusion – A Rare Opportunity to Fix the Irish Housing Crisis
Bulk buying by funds may have slowed, but the underlying pressure on family homes remains.
The Apple tax windfall presents a rare opportunity to level the playing field by increasing supply, protecting owner-occupiers and reducing Ireland’s heavy reliance on the private market.
If deployed intentionally and with just a little political willpower, it can reduce the structural advantage of large institutional buyers and make it more realistic for ordinary families to secure a forever home.
The question is not whether the capital exists, but whether it will be used right now and with purpose.
