The president of the Irish Banking Federation and AIB chief executive David Duffy has said the property market in Ireland has reached a tipping point.
“Finance is available, confidence is improving, house prices are increasing, unemployment is decreasing and the Government construction strategy is in place – we now need to move forward to a strong level of execution to solve the supply and demand imbalance,” he said, addressing a conference in Dublin entitled ‘Strategy 2020 – Impact on Irish Property and Construction Activity’ hosted by the Society of Chartered Surveyors Ireland.
“The borrowers are there but the homes aren’t. The debate should be on supply – the next critical phase.”
Duffy said that in the context of the preparation of the Construction 2020 strategy a conversation about the release of land banks around the city was fundamental. He also pointed out that the mortgage market here is expected to be valued at €2.7bn this year and this should be at around €8–10bn to be at sustainable levels.
President of the SCSI Pauline Daly said that following publication of the Government’s strategy the key issue now was implementation.
“If we are to resolve the housing crisis and to create an estimated 60,000 jobs we need to see the 75 measures outlined in the report acted upon.”