Finance Minister Michael Noonan has stated that despite commentary indicating the creation of a new property bubble in Ireland, he believes these claims are exaggerated.

Mr. Noonan went on to say that he would be using NAMA to help tackle any shortfall in housing supply.

Mr Noonan said that the asset management agency, working in cooperation with developers, can lead to over 20,000 homes being built over the next five years.

Speaking at a Sunday Independent business evening last night, Minister Noonan said he was concerned at the shortage of homes, especially in Dublin:

“Claims that you have seen since Christmas – that we are at the start of another boom – they are wildly exaggerated,” the minister said.

“Property in Dublin fell by over 50% and is still down by over 47% from peak to trough – so you can relax for a little while anyway.

“I’m worried about the lack of family homes in the greater Dublin area in particular.”