Noonan: Dublin badly needs new family homes

Finance Minister Michael Noonan has said there is a shortage of housing supply in Dublin, and not a property bubble.

Michael Noonan is standing by his claim that another property bubble is not developing, and he says claims that Ireland is at the start of another boom are greatly exaggerated.

He said house prices were still significantly lower than they were at the peak, down 47% nationally.

Michael Noonan insists there is no property bubble, even in parts of Dublin.

"What I was getting at, and I might not have explained it very well, was that we need new family homes to be built in Dublin, but the price on the market must be above the cost of the build," he said.

"Otherwise, no houses get built. You need to have it at least equal to the cost, with a margin for the developers.

"There are plans across the city to have building of family homes again, and that's badly needed."

KEYWORDS: Michael Noonan
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