Michael McGrath (Cork South Central, Fianna Fail)
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55. To ask the Minister for Finance his views on whether the National Asset Management Agency can assist in improving the supply of houses available to rent or purchase in the Dublin region; and if he will make a statement on the matter. [48778/13]

Michael Noonan (Limerick City, Fine Gael)
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NAMA is making and will continue to make an important contribution to new supply in the Dublin residential property market. I outlined in my Budget 2014 speech that it is NAMA’s expectation, at this juncture, that its funding will contribute about 4,500 houses and apartments in terms of new supply in the Dublin market in the period to 2015. This is a significant output in the context of current house completion levels in Dublin. In 2012 just over 1,200 new houses and apartments were completed in Dublin.

In addition, NAMA is overseeing the rental by debtors and receivers of close to 10,000 residential properties nationally, mainly apartments in Dublin. This reflects the strong rental demand for apartments in Dublin. NAMA is also overseeing the sale of houses in Dublin by NAMA debtors and receivers and has made over 1,200 properties available to local authorities to meet demand for social housing in Dublin.

In terms of NAMA’s contribution to existing and potential future supply, the Agency’s limited exposure to residential property in Ireland should be noted. NAMA debtors and receivers control less than 1% of the national residential stock. In Dublin, houses under NAMA control constitute only 0.3% of the Dublin housing stock; in the case of apartments, NAMA debtors and receivers control less than 5% of the Dublin apartment market. Therefore, while NAMA will contribute as much as it can to resolve supply shortages, other sources of funding and supply will be needed to meet projected housing demand over the medium-term in Dublin and this Government is engaging extensively with the wider banking and property sectors in this regard.