Couples with six-figure joint incomes are priced out in many counties, even with the assistance of the Help-to-Buy scheme
Many high earners work in the better-paying tech and pharma sectors and the ecosystem of professional services that supports them. These sectors also create economic ripples as they push up costs and earnings in other areas. Photograph: Niall Carson/PA Wire
Despite the travails of some tech companies, the number of high earners in Ireland has grown rapidly in recent years. Revenue Commissioners estimates show that the number of so-called tax units – jointly-assessed couples and single earners – with annual incomes of more than €100,000 has doubled from 177,000 in 2018 to 357,000 this year. Even since 2022, the number in this category has risen by about 100,000.
with research from Savills this week estimating a rise of nearly four people for every new home built These trends are being reflected in a decidedly odd housing market. The small number of second-hand properties becoming available are snapped up, with higher-income buyers dominating at the middle and top end.
The huge wealth created by the multinational sector has been a boon for Ireland, creating tens of thousands of well-paying jobs and billions in tax revenues. It has funded a large expansion in State spending. But the two-tier economy also creates challenges, and housing is part of this story. The seemingly never-ending rise in house prices may in part reflect economic success and rising incomes, but it is not good news for the Coalition heading for a general election.
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