WATCH: NAMA develops thousands of starter homes in Dublin

The agency says 93% of units will be in the greater Dublin area

WATCH: NAMA develops thousands of starter homes in Dublin

Ministers Noonan and Howlin review NAMA plans with officials. Photo: Fennell Photography

The National Asset Management Agency (NAMA) says 78% of the 20,000 houses it is developing will be in Dublin, with a further 15% in the surrounding area.

NAMA is outlining its progress on its house-building programme, as well as the Docklands redevelopment.

The focus will be on what NAMA is calling starter homes. The three or four bedroom homes will be developed in areas including Baldoyle and Dun Laoghaire.

The Agency says planning permission is due on 2.5 million square feet of commercial space in the Docklands in the weeks ahead.

NAMA has also announced €170m will be made available for the redevelopment of the landmark Boland’s Mill buildings.

Brendan McDonagh is Chief Executive of NAMA.

"93% of these are in the greater Dublin area, where the most need arises. 78% will be in Dublin. 15% will be in adjoining couties, Kildare, Wicklow and Meath and 7% will outside Dublin. Very importantly, we are not in the high-end market, we are funding on three or four bedroom homes which are typically close to the €300,000 range", he said.

Just 10% of the homes will be given over to social housing, but Public Expenditure Minister Brendan Howlin is insisting the house building programme will alleviate pressure caused by lack of supply:

"Social housing is an imperative for government and that's why we've provided cash to do that. But we also will relieve the pressure on the property market, in Dublin in particular - which is enormous in the rented sector by providing simply more accommodation. It's a supply issue. So the more supply we can provide, through as many agencies we can, the downward pressure we apply on rents".