Department of Finance officials briefed incoming Minister for Finance, Jack Chambers, on the housing supply challenge and concerns about corporation tax. Photograph: Sam Boal/Collins Photos
The Department of Finance estimates that development funding of about €13.6 billion per year is needed to meet the target of 33,000 homes set out in the Government’s “Housing for All ” strategy. “In a scenario analysis of 50,000 units annually, the Department estimates that it would require investment capital of closer to €20 billion each year.
“The forward funding model used by many developers means that without this investment – this supply of new homes would simply not be built.” The Department also expresses scepticism about the merit of reducing VAT in a bid to lower house prices.
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