Pictured at the SCSI Seminar (L-R): Pauline Daly (SCSI President); David Duffy (AIB CEO & IBF Chair) & Ali Grehan (City Architect)
AIB CEO David Duffy says property market has reached tipping point
‘Debate should be on supply – the next critical phase’
Conference hears that sustainable level of mortgage market should be €8 to €10 bn – four times current level
Wednesday 4th June 2014. The President of the Irish Banking Federation, David Duffy has said the property market in Ireland has reached a tipping point.
Addressing a conference in Dublin, Mr Duffy, who is Chief Executive of AIB, said, “Finance is available, confidence is improving, house prices are increasing, unemployment is decreasing and the Government Construction Strategy is in place – we now need to move forward to a strong level of execution to solve the supply and demand imbalance.”
Mr Duffy was speaking at a seminar entitled ‘Strategy 2020 – Impact on Irish Property & Construction Activity’ hosted by the Society of Chartered Surveyors Ireland, the professional body for the property and construction sector.
Commenting on the lack of supply in the property market in Dublin, Mr Duffy said; “The borrowers are there but the homes aren’t. The debate should be on supply – the next critical phase.”
Mr Duffy said that in the context of the preparation of the Construction 2020 strategy a conversation about the release of land banks around the city was fundamental.
Mr Duffy also pointed out that the mortgage market here is expected to be valued at €2.7bn this year. He said this should be at around €8-10bn to be at sustainable levels.
Pauline Daly, the President of the SCSI said that following publication of the Government’s strategy the key issue now was implementation.
“If we are to resolve the housing crisis and to create an estimated 60,000 jobs we need to see the 75 measures outlined in the report acted upon” she said.
Ms Daly said the purpose of the seminar was to facilitate dialogue between some of the key stakeholders of the construction sector – planners, developers, estate agents/ Chartered Surveyors, financial institutions, quantity surveyors and architects.