New Housing

NAMA will fund the delivery of 4,500 new homes up to end of 2016 in Dublin and is progressing sites linked to its debtors and Receivers through design and planning processes with a potential to deliver up to a total of 25,000 new homes according to its CEO, Brendan McDonagh.  Mr. McDonagh has said that 2,000 new NAMA-funded homes are currently under construction and identified 12 areas in Dublin (ranging from Ballsbridge to Ashtown) where construction is now ready to commence on a further 1,000 homes.

Mr. McDonagh was speaking at The National Housing Supply Conference – a special conference convened by NAMA and attended by policy makers from national and local government to discuss supply issues facing the housing market.  Speakers at the conference included the Minister for Finance, Mr. Michael Noonan TD, Dr. David Duffy of the ESRI, Mr. Niall Cussen, Principal Adviser (planning) in the Department of Environment, Community and Local Government, Mr. Daniel McLoughlin, Chief Executive of South Dublin County Council, Maurice Crowley, Retail Director of Banking and Payments Federation Ireland and Marian Finegan, Chief Economist with Sherry Fitzgerald Group.

In his presentation Mr. McDonagh said that an analysis by the Agency showed that sites controlled by NAMA debtors/Receivers could deliver 40% of the demand for houses in Dublin identified in a recent study by the ESRI.  The ESRI has calculated demand for approximately 7,000 houses in Dublin annually up to 2020.

Mr. McDonagh said that NAMA has adopted a tiered approach to debtor and Receiver housing sites; all sites linked to loans held by the Agency have been reviewed and categorized into Tier 1, Tier 2 and Tier 3 sites depending on the extent to which they are “shovel-ready”. 

NAMA has funding available to facilitate the delivery of the new homes and will also provide intensive project management to support debtors and Receivers in addressing legal/title issues, feasibility analysis, design, planning, procurement, construction and disposal.

Mr. McDonagh said that NAMA has helped ensure that 1,000 residential units are now ready to commence in the Dublin area in the following areas:

• Skerries (101 units)
• Malahide (74 units)
• Castleknock  (119 units)
• Ballsbridge (25 units)
• Sandymount  (25 units)
• Churchtown (78 units)
• Blackrock (23 units)
• Baldoyle (205 units)
• Ashtown (220 units)
• Clontarf  (17 units)
• Dundrum (33 units)
• Stillorgan  (52 units)

NAMA has also identified 14 sites in the areas of the Dublin commuter belt, including sites that are ready to proceed to construction in Naas, Dunshaughlin and Kilternan, which are “shovel ready” and have the potential to deliver 398 homes.  The Agency is also looking at sites in key urban locations outside the Greater Dublin Area including areas in Cork, Limerick and Galway.

Social Housing

On the issue of Social Housing, Mr. McDonagh said that to date NAMA has offered 5,445 for social housing and the Agency had invested approximately €20 million in capital expenditure to date to deliver social housing. According to Mr. McDonagh of the 5,445 units offered, demand has been confirmed by local authorities for 2,077 of these units.

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