Much investment in property in Ireland was driven prior to 1987 by the fact that self employed people did not qualify for the non contributory state pension (PRSI was only extended to them in 1988 - see this excellent piece on the impoverishment that had created https://www.jcfj.ie/wp-content/uploads/2019/08/Issue38-Working-Notes.pdf) so better off self employed often invested in property as a "pension." That's why you saw so many well known public figures investing in the notorious Irish Life Mespil sell off - they were largely self employed. There was a long hangover after this era where preferential taxation for apartment investors made the PRS a very attractive proposition - there was a good piece which I can't recall which mentioned that 90% of apartment sales in the 90s were to investors because of the large tax breaks on offer at the time. One of the consequences though has been that apartments became more stigmatised because of the association with the PRS.
Much investment in property in Ireland was driven prior to 1987 by the fact that self employed people did not qualify for the non contributory state pension (PRSI was only extended to them in 1988 - see this excellent piece on the impoverishment that had created https://www.jcfj.ie/wp-content/uploads/2019/08/Issue38-Working-Notes.pdf) so better off self employed often invested in property as a "pension." That's why you saw so many well known public figures investing in the notorious Irish Life Mespil sell off - they were largely self employed. There was a long hangover after this era where preferential taxation for apartment investors made the PRS a very attractive proposition - there was a good piece which I can't recall which mentioned that 90% of apartment sales in the 90s were to investors because of the large tax breaks on offer at the time. One of the consequences though has been that apartments became more stigmatised because of the association with the PRS.