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Private money essential to secure supply of new homes, Department tells Minister for Finance

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Close to €20 billion a year needed if we are to build 50,000 homes annually, officials told Jack Chambers on his appointment

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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