Savills has welcomed the announcement from NAMA that it will fund and facilitate the development of 4,500 new housing units in Dublin over the next 18 months.

Commenting on the announcement, David Browne, Head of New Homes at Savills Ireland said;

“Despite recent publicity for a number of new home schemes coming to the market, supply continues to be restricted. Therefore, this announcement from NAMA is very timely. The demand in all Dublin regions remains high and we are now seeing this spreading to the commuter towns and the larger urban centres.” 

Dr John McCartney, Economist and Director of Research at Savills said; 

“It has been well documented that shortage of supply is the primary issue in the property market at the moment, therefore this announcement from NAMA is particularly welcome. The current shortage of stock in Dublin and Ireland’s larger cities is continuing to force up property prices. Last year, fewer than 1,400 new homes were built in Dublin. However, to meet pent up demand and a growing population, Dublin alone requires around 7,000 per annum. At national level the requirement is approximately 25,000.”