NEW NAMA DUBLIN HOUSE
20,000 HOMES BY 2020
LOCATIONS IN DUBLIN
The National Assets Management Agency (NAMA) has announced plans to provide 5.6 billion euro in funding to support the construction of 20,000 homes in the Dublin region over the next 5 years, according to a recent article in the Irish Times.
NAMA has stated it will look seriously at "commercially viable" house building projects, particularly those aimed at first time buyers, and also at social housing schemes.
Despite this potential good news for those planning to buy, rather than rent, over the next few years, a question arises however: how much effect will the new Central Bank
mortgage lending conditions have on the effective
buying power of first time buyers?
The Central Bank rules include the fact that first time buyers need to pay up to 20% of the cost of their new house or apartment themselves, as the deposit and also they are not allowed a mortgage of greater than 3.5 times their gross yearly income. Some exceptions to these rules are allowed by the Central Bank to the mortgage lenders, but the numbers of exemptions is relatively small and is used up by the third quarter of the year.
It may be that careful attention will need to be paid to the selling prices of these new homes, striking a balance between the need for NAMA to turn a profit on the venture, versus the affordability of these new homes to potential buyers.
At the height of the project, funds of 1.8 billion euros will be required, with a total NAMA outlay of 5.6 billion euros, and up to 100 construction sites simultaneously in operation.
In some areas, such has those detailed below, NAMA's plan are gone beyond the planning and aspirational phase, with over 1,400 houses already in the course of construction.
NAMA plans to oversee the construction of 4,000 housing units each year until the project is completed in 2020/21.
ALLSOP PROPERTY AUCTION: 9th DECEMBER 2015 | 200 LOTS ON OFFER
The figures below are based on a recent Irish Times Newspaper articles. Planning Granted/Lodged/2016 refers to planning applications granted, lodged to date but not yet granted or due to be lodged during 2016.
|Location||Building Now||Planning Granted/Lodged/2016||Total|
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This article is only intended as a basic general summary and you should always seek professional advice where necessary. Although every effort is made to ensure the accuracy of this data, some errors may remain. These above details are indicative only and are subject to change without notice. The source for the above details is the Irish Times newspaper.
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