The lack of apartment construction across the Republic of Ireland is a major problem and needs to be addressed, a government minister has acknowledged.
Housing minister James Browne said apartment construction has “collapsed” and “radical thinking” is needed to revive its fortunes, the Irish Times reports.
A report by the paper recently revealed that the target of 5,000 apartments via the Croi Conaithe Cities scheme is set to be missed, with just 17 per cent of the target being reached.
Facing opposition criticism in the Dail, Mr Browne said the government had pledged €6.5 billion towards the scheme, but €20 billion was needed, meaning extensive private sector finance is needed.
“Financial firms, whether national or international, are a key part of that because you need that private funding to deliver those properties,” the minister remarked.
If the current situation means a lack of sales for digger dealers just now amid low activity, the scenario could be very different if Mr Browne’s pledge of “significant action” to address the issue bears fruit.
Highlighting the need for action to boost apartment construction, Labour Party housing spokesman Conor Sheehan said: “We clearly need to do something because apartment approvals dropped by nearly 40 per cent last year,” highlighting the knock-on effect this had on raising rents in his Limerick constituency by 19 per cent last year.
One major project that is moving ahead is a scheme in the north of Dublin that will see 2,000 new properties being built in its first phase.
Newstalk reports that the Land Development Agency (LDA) is to build the homes on an 18-hectare site in Baldoyle.
"This is an extremely large site with capacity for over 400,000 homes," said LDA chief executive John Cummins, noting that the first 400 are already under construction.
He said the next phase will be to build another 2,000 homes on the other side of the railway, near Clongriffin railway station.
https://www.newstalk.com/news/new-development-for-...
