The government should set up a state-backed housing investment vehicle to enable households to invest their savings in housing development, the incoming president of the Society of Chartered Surveyors Ireland says.

The proposed initiative, similar to schemes operating in countries such as France, would enable the government to create long-term, multiyear housing plans while facilitating investment in infrastructure projects, the society said.

SCSI incoming President Gerard O’Toole cited Irish households' bank deposits, which amount to around €143B, most of which are in low-interest current accounts.

“It would enable citizens to invest securely in future housing while also expanding access to development finance for small and medium-sized home builders,” he said in a statement.

He highlighted that the state has been by far the largest investor in Ireland’s housing delivery, having allocated more than €5B to housing in 2024, with the Land Development Agency leading much of the development.

However, he said the level of public investment was unsustainable in the long term. Instead, the state needed to explore alternative and diversified funding streams.

“A savings fund of this nature would underpin long-term planning by providing the multi-annual funding commitments housing projects require. It could also support longer-term budgets for several state housing schemes, including help-to-buy and vacant property grants, which are often subject to annual funding reviews and decisions,” he said.

The SCSI also called for the new Housing Activation Office to start work urgently on clearing the obstacles impeding the delivery of new housing and blamed a lack of coordination between government agencies for many of the issues.

“The SCSI is calling for reform of the utility connection processes and earlier engagement by Uisce Éireann and the ESB with home builders to reduce delays and prioritise essential connections for housing ready for occupation,” O’Toole said.

“We need to break down the silos which appear to exist across Government departments and agencies if we are to ensure the efficient and timely delivery of new housing and the retrofitting of existing housing, including vacant and derelict property,” he added.