Noonan: Claims of new housing bubble 'exaggerated'

Finance Minister Michael Noonan

Finance Minister Michael Noonan has denied that another housing bubble is developing in Ireland, and said he is going to use NAMA to help tackle the housing shortage.

Mr Noonan said that the asset management agency, working in cooperation with developers, can lead to over 20,000 homes being built over the next five years.

Speaking at a Sunday Independent business evening last night, Minister Noonan said he was concerned at the shortage of homes, especially in Dublin:

"Claims that you have seen since Christmas - that we are at the start of another boom - they are wildly exaggerated," the minister said.

"Property in Dublin fell by over 50% and is still down by over 47% from peak to trough - so you can relax for a little while anyway.

"I'm worried about the lack of family homes in the greater Dublin area in particular."

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