Alan Kelly (Tipperary North, Labour) | Oireachtas source

I thank the Deputy. A shortage of supply is at the heart of rising rents and the Government is addressing it on a number of fronts. Construction 2020 is aimed at dealing with issues in the property and construction sectors and ensuring that any bottleneck that might impede the sector in meeting demand is addressed. It is being worked through constantly. As the House knows, social housing has been prioritised by the Government, with more than €1.7 billion in Exchequer and local authority self-funding allocated to the social housing strategy between the 2015 and 2016 budgets to support the provision of more than 33,000 units. The €4 billion social housing package for the entire country is the largest in the history of the State. More than 200 sites are being developed.

The key to addressing upward pressure on rents is an increase in the supply of public and private housing. In 2014, the number of house completions was 11,016 nationally, an increase of 33% on the 2013 figure. The latest figures for new house completions show that 8,914 units were completed to the end of September 2015, up 14% on the corresponding figure for 2014. As announced in budget 2016, NAMA aims to deliver a target of 20,000 residential units before the end of 2020, with 90% of these to be in the greater Dublin area. This will be a positive contribution.

In addition to these measures, I continue to work on proposals that address the issue of rising rents. The level of increases in rent, particularly in the greater Dublin area and, to a lesser extent, Cork and Galway, presents a serious challenge. Any decision on this issue is a matter for the Government and it is my intention to bring proposals to same in the near future.

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