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Nama warns ‘soaring construction costs’ undermining viability of building new homes

National Asset Management Agency (Nama) chief executive Brendan McDonagh is due to tell the Public Accounts Committee (PAC) that the agency can only finance developments where it expects to make money. 

He will point out commercial viability is becoming more “challenging” across the sector. “Soaring construction costs… are all putting upward pressure on the cost of delivering housing in Ireland.”

Nama cannot prevent cuckoo funds from buying up apartment blocks or other residential units put up for sale as it is legally bound to achieve the top price for properties.

Mr McDonagh will tell TDs and senators that delivery of 2,400 homes that have received planning permission will be “extremely challenging”.

The “vast majority” of Nama-funded newly built residential units are sold to individual purchasers, many of them first-time buyers.

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