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Dublin: 11 °C Wednesday 22 May, 2019

NAMA is set to build 4,500 new residential units in the nation's capital

The action by the State owned bad bank could see a potential 25,000 units developed into residential properties.

NAMA CEO Brendan McDonagh and Minister Michael Noonan
NAMA CEO Brendan McDonagh and Minister Michael Noonan
Image: Leon Farrell/Photocall

NAMA HAS FUNDING in place to deliver 4,500 new houses and apartments in Dublin over the next 18 months.

In addition to this up to 25,000 units linked to debtors of the State agency have been identified as potential residential properties.

The build will take place across 12 areas in Dublin and building is ready to commence on 1,000 units.

The build will see the construction of over 200 hundred units in Baldoyle and Ashtown and over 100 units in Skerries and Castleknock.

This announcement was made yesterday to the National Housing Supply Conference. The conference was convened by NAMA and attended by a number of Government representatives.

Speaking at the event Minister for Finance Michael Noonan welcomed the development.

While the vast majority of NAMA assets are on the commercial rather than the residential side, there is no doubt in my mind that NAMA can and will play a major role in addressing the challenges and bottlenecks that we now face on the residential side.

At the meeting CEO of the State agency Brendan McDonagh estimated that sites controlled by NAMA’s debtors and receivers could deliver 40% of the demand for houses in Dublin.

This was in line with a recent study by ESRI which calculated that there would be a demand for approximately 7,000 houses in Dublin annually up to the year 2020.

In relation to the issue of social housing NAMA has offered 5,445 units. To date the agency has invested €20 million of capital expenditure in these units.

Out of these 5,445 units demand has been confirmed for 2,077 of them.

Read: It’s looking more likely that Michael Noonan will be able to save Ireland €1.5 billion

Also: Here’s how Michael Noonan wants to end ‘boom and bust’ economics

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