This housing stock could be used to shore-up growing social housing waiting lists, according to Munster MEP Kathy Sinnott.
Ms Sinnott said that faltering property prices have offered "a unique opportunity to reduce the massive housing lists around the country and house people who have been languishing on lists the longest.
"Money is in short supply so to use it on a rent allowance rather than on the capital investment of a property, now reduced by a quarter or third, makes little sense financially and socially.
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"Also, money used to adapt unsuitable social housing to the special needs of its occupants might be used to purchase a more suitable house for the residents, where appropriate.
"If we do this we may find that we can reduce the lists for both social and affordable housing more effectively in recession than in times of plenty," Ms Sinnott added.
"With house prices coming down drastically in recent times, especially in new developments where builders are unable to sell even at reduced prices.
"I am confident that local councils could get excellent deals in bulk buying housing. This could drastically reduce the housing list and provide housing for those longest on the list and most in need," added the MEP.
Ms Sinnott sits on the European Parliament's Employment and Social Affairs committee.
(PR/JM)
