Latest figures suggest property price inflation surged to over 7% in March despite post-Celtic Tiger highs in new home completions
Cairn Homes boss Michael Stanley says it is no longer possible to build homes at four or five times the average industrial wage. Photograph: Dara Mac Dónaill
New home completions came in at just under 33,000 units last year, six times the rate they were being built a decade ago. But the biggest residential construction surge since the Celtic Tiger era is not lessening the affordability gap but instead coinciding with an acceleration in property prices. Property prices do not conform to the simple laws of supply and demand. People tend to buy, developers tend to build, when prices increase.O’Connell Street landmark with full planning for boutique hotel seeks €9mProperty is also a highly financialised asset, driven by trillions of euro of speculative cash. Most of the current development in Dublin is being financed by international funds chasing returns in the build-to-rent sector.
Housing-Crisis Cairn-Homes Michael-Stanley
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