Thursday, 22 November 2018

Questions (49)

Catherine Murphy

Question:

49. Deputy Catherine Murphy asked the Minister for Finance the number of homes the construction of which has been funded by NAMA; and the number of these that have been sold, by local authority and by year; and if he will make a statement on the matter. [48669/18]

View answer

Written answers (Question to Finance)

I am advised that, from Q1 2014 to Q3 2018, NAMA funded the construction of 8,013 new residential units in Ireland on residential development land under the control of its debtors and receivers. It is important to note that NAMA can only fund developments which are under the control of its debtors and receivers and which are commercially viable.

The breakdown by local authority area of the units funded by NAMA to end-September 2018 is set out in the following table.

Local Authority

Units

Dun Laoghaire Rathdown County Council

2,003

South Dublin County Council

1,482

Fingal County Council

1,328

Dublin City Council

908

Cork County Council

681

Kildare County Council

577

Wicklow County Council

308

Galway City Council

201

Meath County Council

127

Cork City Council

102

Laois County Council

75

Wexford County Council

56

Kilkenny County Council

42

Clare County Council

37

Monaghan County Council

36

Waterford County Council

34

Galway County Council

16

Total

8,013

 

The following table provides a breakdown by year of residential units funded by NAMA.

Year

Units

2014

1,502

2015

1,029

2016

2,117

2017

2,503

2018 (to end-Sept)

862

Total

8,013

As regards the data for 2018, I am advised by NAMA that the information is based on units that have been confirmed as delivered during the first three quarters of the year. There is a lag of approximately two months from the point at which units are completed to the point at which written confirmation of completion is received from monitoring surveyors. I am advised that the fourth quarter of each year is typically the busiest period for completions and that NAMA expects that a substantial number of units will be delivered in Q4 2018.  

It is NAMA policy that units delivered through its residential delivery programme are openly marketed for sale. I am advised that, in the market conditions which have prevailed since 2014, NAMA debtors and receivers have not experienced any major delays in selling completed units. Accordingly, while the information set out in the tables above relate to completed units, I am advised that it corresponds closely to sales data.