Report said €11.5bn of private cash needed for 33,000 homes

In its manifesto the Labour Party said: “A recent report for the Department of Finance estimated 11.5 billion euros of private financing will be required per year to reach a target of 50,000 homes a year.”

Evaluation

This is not supported by a Department of Finance report from earlier this year. That report estimated that €11.5 billion of private finance would be required every year to deliver 33,000 homes, the current target under the Government’s Housing for All plan.

That same report says that to deliver 50,000 homes a year it would require €16.9 billion.

The facts

In June 2024 the Department of Finance released a paper called “Report on the Availability, Composition and Flow of Finance for Residential Development.”

That document said: “The report sets out the estimated level of development finance (including debt and equity) that will be required to deliver on the current annual Housing for All target of 33,000 homes.

“Adjusting for construction cost inflation…

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