Why are overseas investors buying Ireland's defective apartments?
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…
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