State ‘should seize land’ of developers hoarding their land for higher profits

Developers who are hoarding their land for higher profits rather than building houses should have those lands seized by the State, members of the Oireachtas Housing Committee have said.

Just 5% of land sold by Nama for housing since 2014 has been put to use by “hoarding” developers in search of greater profits, it emerged yesterday.

Demand for new homes is highest in the greater Dublin area, but a small number of developers stand accused of holding back on developing their lands, even though planning permission has been granted.