The Government is set to clamp down on the bulk buying of new homes by introducing a stamp duty charge of 10% on the purchase of ten or more houses.
Under measures agreed by the Cabinet on Tuesday night, the higher stamp duty rate will apply to the purchasing of more than 10 houses within a 12-month period.
Apartments will be exempt from the higher rate, as will purchases by local authorities and approved housing bodies.
The new rate is set to come into effect from Thursday after a vote in the Dáil which is expected today.
Guidelines will also be issued to local authorities today which will look to keep houses and duplexes in future developments out of the reach of those seeking to buy in bulk.
The new guidelines will state that all houses and duplexes should be available for sale to individual non-commercial purchasers for at least two years after they are built. If a local authority is then satisfied that a market has not emerged, the houses will be open once again to funds and other buyers.
The circular says developers of five units or more must enter into an agreement with the relevant local authority that will limit sales to individual buyers.
