Tuesday, 11 December 2018

Questions (138)

Róisín Shortall

Question:

138. Deputy Róisín Shortall asked the Minister for Finance the number of properties that have been transferred to the National Asset Residential Property Service, NARPS, since 2014 by year and dwelling type, that is, apartments, houses and so on in relation to property sales in County Dublin, that is, the four Dublin local authorities; the number of estate homes and apartments completed by NAMA since 2014 including Q1 and Q2 2018, by year; and the number of new units that have been completed by NAMA that remain unsold. [51707/18]

View answer

Written answers (Question to Finance)

As regards the first part of the Deputy’s question, I am advised that NARPS (National Asset Residential Property Services D.A.C.) was established by NAMA in 2012 in order to expedite the provision of much needed social housing. NARPS operates by purchasing properties from its debtors and receivers, at full market value, and making them available to Local Authorities or Approved Housing Bodies by way of a standardised long term lease. Since its establishment, NARPS has completed the purchase of 587 units located in Co. Dublin from NAMA debtors and receivers. The breakdown of these units by year, Local Authority and unit type is shown in Table 1.

 Table 1:

NARPS Completed Purchases (Dublin Only)

Year

Dublin

DCC

Fingal

DLRD

SDCC

Apartments/   Duplexes

Houses

2013

20

-

20

-

-

19

1

2014

133

133

-

-

-

133

-

2015

198

133

-

-

65

198

-

2016

84

6

30

30

18

54

30

2017

147

-

15

132

-

132

15

2018

5*

-

-

-

5

 

5

 

587

272

65

162

88

536

51

* a further 18 units are scheduled to complete prior to end-2018.

 As regards the second part of the Deputy’s question, I wish to point out that NAMA does not itself develop new residential units. Rather, subject to commercial viability, NAMA provides funding to its debtors and receivers to enable them to construct residential properties on sites which they control and which are secured to NAMA. The number of new residential units delivered through NAMA funding since 2014 in the whole of Ireland is set out in Table 2.

 

Table 2:

Year

Units

Houses

Apartments

2014

1,502

514

988

2015

1,029

825

204

2016

2,117

1405

712

2017

2,503

1,764

739

2018   (Q1-Q3)

862

640

222

Total

8,013

5,148

2,865

I am advised that 9% (306) of all units which have been launched for sale are currently unsold. This equates to about six unsold units per active development. The figure for unsold units includes show houses that are held back for marketing purposes and units that were launched to the market only recently but which are expected to be sold in due course.