Government will need international finance to deliver housing target of 60,000 a year, minister says

Housing minister James Browne said Government would not be able to deliver 60,000 houses directly and needed the private sector and international finance

Housing minister James Browne at the official of social homes in North Dublin. Picture: Sasko Lazarov/Photocall

The Government will not be able to deliver 60,000 houses annually by 2030 — the private sector and international finance will be needed to bolster the numbers, the housing minister has said.

Meeting Government housing targets for 2025 was "always going to be challenging", according to James Browne.

Radical steps must be taken to accelerate housing supply if the Government is to attempt to reach the 41,000 target set out in the programme for government, or the target of 60,000 a year by 2030, he said.

"We want to deliver more social and affordable houses but to get to that 60,000, we have to ignite the private sector," Mr Browne said.

The Government won't be able to deliver 60,000 houses directly. We need the private sector and we need international finance as well.

Currently, international finance is completely disengaged and the department must engage to find out why this is the case and what steps can be taken to remedy it, he said.

There are opportunities around unlocking some of the savings Irish people have but that will only ever be a proportion of the funding, so international finance is crucial, he warned.

Opposition parties have acknowledged the need for private funding but "don't want to acknowledge the reality of where it is going to come from", which is international finance as that is it only place that the required level of capital is available, Mr Browne said.

Speaking at the official commencement of construction on 95 social homes in North Dublin, Mr Browne said there would be a decision on the future of rent pressure zones "very, very soon".

The minister will be bringing proposals arising from the housing agency report to the Government leaders on Monday.

"I am conscious that renters are feeling somewhat frustrated and I want to allay those frustrations as quickly as possible and get those decisions finalised," Mr Browne said.