In his budget speech in 2022, the then finance minister Paschal Donohoe announced a review of the Iref and Reit regime. He said “institutional investment has played a key role in the provision of housing in recent years. This review will consider those structures and how best they can continue to support housing policy objectives”. There was a context to the move. Irish real estate funds (Irefs) were established in 2017 to channel foreign investment into Irish property. However, a Revenue analysis in 2020 found Irefs were being deliberately loaded with high interest rates debt, as a way of minimising…

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