NTMA: Rental property bubble ‘unsustainable’

Ireland’s runaway rental property bubble is “unsustainable” and is making it increasingly difficult for people on salaries as high as €50,000 to find homes, the head of a State financial agency has said.

National Treasury Management Agency (NTMA) chief executive Conor O’Kelly admitted the situation and said there is a clear “market failure”, under questioning from politicians over his group’s alleged role in fuelling the rental crisis.

At yesterday’s final Dáil Public Accounts Committee (PAC) meeting until September, Mr O’Kelly was asked by unaligned Independent TD Catherine Connolly to explain what attempts the NTMA was making to address the surging rental sector.