Wednesday 12 December 2018

Warning that land agency does not offer short-term housing fix

Michael O’Flynn, chief executive of the O’Flynn Group. Photo: Damien Eagers
Michael O’Flynn, chief executive of the O’Flynn Group. Photo: Damien Eagers

Ralph Riegel

A leading developer has warned that while the Government's new Land Development Agency (LDA) was a good idea, it will do little or nothing to tackle Ireland's housing crisis before 2023.

Michael O'Flynn, chief executive of the O'Flynn Group, said Ireland still needed to address the cost of land and the lack of housing supply in the short term.

By 2020, Ireland's housing supply is expected to reach 27,000 units a year - against a soaring demand of 35,000 units plus.

"Land is too expensive and getting land to the market at affordable prices is a problem," the Cork builder said.

"The big issue around housing is supply. Neither the vacant land tax nor the LDA will do anything to deliver a solution to the housing problem within the next five years," he warned.

"They are not tackling the solutions required over the next five years."

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business