Over 90% of Nama development houses located in or around Dublin

The National Asset Management Agency (Nama) has said that 78% of the 20,000 houses it is developing will be in Dublin, with a further 15% in the surrounding area.

Nama is outlining its progress on its house-building programme, as well as the Docklands redevelopment, today, which it says will require total funding of €1.9bn with peak funding up to €500m.

The focus will be on what Nama is calling starter homes in areas including Baldoyle and Dun Laoghaire.

The Agency says planning permission is due on 2.5 million square feet of commercial space in the Docklands in the weeks ahead.

Nama has also announced that €170m will be made available for the redevelopment of the landmark Boland’s Mill buildings.

"The residential programme will require total funding of €5.6bn with peak funding expected to be €1.8bn," a Nama statement read.

"The proceeds from the sale of completed projects will be recycled to fund new commercially viable projects."

Nama chairman Frank Daly said: "NAMA has committed itself to funding the delivery of much-needed office space and quality homes and, in doing so, it hopes to leave a lasting and positive legacy for the coming decades.

Nama chief executive Brendan McDonagh said: "This funding programme is designed to maximise the return to Irish taxpayers on Nama's secured assets.

"These are commercial ventures and they will also contribute to making the Dublin Docklands a better place to live, work, invest and create jobs.

"We are on track to make a significant contribution to delivering large numbers of quality new homes where people need them but it will still only be 20% of the forecast market demand."