Written 3 weeks ago by Newsroom

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An Offaly Fianna Fáil TD says land hoarding is fuelling the housing crisis.

Figures provided to Barry Cowen (see below) reveal that residential sites in the Midlands sold by NAMA since 2011 have capacity for over 2,100 new houses but no units are being built.

Across the country, developers are sitting on land where nearly 47,000 houses could be constructed.

Deputy Cowen claims most investors that bought sites off NAMA are sitting on them and waiting as they appreciate in value until the end of the seven year period when they can claim their capital gains exemption.

“Land Hoarding is clearly holding back supply,” he said.

“Fewer than 18,000 new units will be built this year, including just 4,000 apartments, when we need in region of 50,000 to make a dent on affordability, rent and price inflation.”

He is calling on the Government to reduce the holding period on these sites to four years and to bring in a new site tax to encourage the use of empty land.