A leading NAMA employee insists there is a massive housing stock problem in certain parts of Dublin and has predicted that there will be a “massive outcry” for housing in these areas before too long.
John Pope, an ex-financial director with Zoe Developments, predicted a “very strong recovery” in the capital before too long with traditional commuter areas taking up to a decade to reach the same levels.
He said we will “definitely see very strong recovery in residential markets in Dublin – but in houses only,” adding that you’d be “mad” to build apartments.
Mr Pope, who is now employed by NAMA to manage former Zoe properties through a management company called Pames, said prices were already on the rise in Dublin because of the aforementioned problem with stock.
“There is massive pent-up demand for three and four-bed semis in places like Dun Laoghaire/Rathdown, where only about 40 houses were built in 2011.
“There is virtually no spare housing stock in Dublin and in West Dublin house prices are already increasing.”
The potential rush of housing demand would come “within 10 miles of Dublin,” according to Pope, who added: “the housing market will come back strong once banks start giving mortgages but not further out – places like Enfield and Naas could take 10, 20 years to recover.”