Govt concerned about limited supply of Dublin property - Noonan

Tuesday 18 February 2014 21.59
Michael Noonan said the Dublin property market had become 'totally distorted'
Michael Noonan said the Dublin property market had become 'totally distorted'

Minister for Finance Michael Noonan has said the Government is "concerned" about the limited supply of property available in the Dublin area and the consequent rising prices.

Speaking in Brussels, Mr Noonan said he would like if the National Asset Management Agency could "assist in every way they can to get small builders back into the market in Dublin".

However, the minister added that he had yet to take a decision on whether NAMA should bring forward the sale date of some of its portfolio.

Mr Noonan explained that NAMA has been asked to "explore the implications of bringing forward the sale, because the market would be able to carry a big sale at this stage". However he said: "I've no decision made yet."

The minister described the Dublin property market as having become "totally distorted" as a result of bubble and crash.

He said to get the market "working properly" it would require "confidence and credit", adding that NAMA was only "one player, even if it's a significant player".

Under the NAMA Act, a review of the entity's operations had to take place this year.