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The Ryan Review

It pains me to write nice things about NAMA, but here goes. It is, somewhat belatedly, finally ready to solve some of the housing supply crisis. Some 25,000 units have been deemed 'potential' sites for new homes and funding is in place to actually complete 4,500 of them over the next 18 months in Dublin alone, where demand runs high.

With 2,000 now in construction across the city (including in the posh postal codes), this meets, according to the organisation, 40pc of supply required. Bualadh bos, of sorts.

Now, the pressure moves from NAMA and its debtors to Michael Noonan, whose tax policies in next month's Budget have the potential to tackle at least some of the remaining 60pc of housing needs, social and private. The ordinary Joe Soaps aren't quite ready to re-elect Fianna Fail, and are unsettled at the idea of big, bad property developers getting a break so soon after duping the nation. But who, in our benighted little country, is going to turn the sod if not them? Giving them an incentive to do so is a must, unpalatable as that may feel for the rest of us. The carrot is always better than the stick.

Will the Finance Minister continue his policy of ignoring the populists and getting on with the job? I think so. But he needs not to be swayed along the way. First-time buyers are voters too.

And if NAMA is finally getting on with it, perhaps giving them few more bob is no harm. Normal service resumes next week.

It pains me to write nice things about NAMA, but here goes. It is, somewhat belatedly, finally ready to solve some of the housing supply crisis. Some 25,000 units have been deemed 'potential' sites for new homes and funding is in place to actually complete 4,500 of them over the next 18 months in Dublin alone, where demand runs high.

With 2,000 now in construction across the city (including in the posh postal codes), this meets, according to the organisation, 40pc of supply required. Bualadh bos, of sorts.

Now, the pressure moves from NAMA and its debtors to Michael Noonan, whose tax policies in next month's Budget have the potential to tackle at least some of the remaining 60pc of housing needs, social and private. The ordinary Joe Soaps aren't quite ready to re-elect Fianna Fail, and are unsettled at the idea of big, bad property developers getting a break so soon after duping the nation. But who, in our benighted little country, is going to turn the sod if not them? Giving them an incentive to do so is a must, unpalatable as that may feel for the rest of us. The carrot is always better than the stick.

Will the Finance Minister continue his policy of ignoring the populists and getting on with the job? I think so. But he needs not to be swayed along the way. First-time buyers are voters too.

And if NAMA is finally getting on with it, perhaps giving them few more bob is no harm. Normal service resumes next week.

Indo Property