Ireland’s Housing Crisis Worsens as Country Falls Behind in Meeting Population Growth, Report Reveals
Dublin: Ireland’s housing crisis is deepening, with the country falling behind in addressing population growth, according to a new report by Savills. The analysis reveals that 3.8 people are added to the population for every new housing unit built, the worst ratio among nine countries studied, including Spain, which follows at 3.4 people per unit.
House prices have surged by 8.6% nationally over the past year, reaching an average of €388,000, with Dublin prices rising by 9.3%. The number of homes sold has dropped by over 11% from the previous year, exacerbating the shortage and driving up prices.
The report highlights Ireland’s unique challenges, including a delayed natural population boom, high migration due to strong economic growth, and structural issues from the Celtic Tiger crash. Despite Central Bank lending restrictions tempering runaway price growth, demand far outstrips supply, pushing more people into the rental market.
Experts are calling for a more aggressive approach to housing delivery, with some arguing that the government’s annual target should be increased from 35,000 to 50,000 units to meet the growing demand. The government’s Housing Commission report has proposed solutions, but the timeline for their implementation remains uncertain.
Irish Samachar English News
{OR} Kindly click to follow the Irish Samachar News channel on WhatsApp
Comments are closed.