The Irish housing market continues to grapple with a severe shortage of homes, with new construction falling short of demand. Experts criticize government targets as inadequate and call for a sustained, clear policy approach spanning a decade or more to effectively tackle the crisis.
Experts have expressed concerns that the government's new-build housing targets are insufficient to address the ongoing housing crisis in Ireland . The Central Statistics Office (CSO) reported 21,634 new homes delivered by the end of September, a decrease from 22,325 in the same period last year. This figure falls short of the 40,000 units predicted by the Taoiseach.
While there has been an increase in housing commencement notices, experts remain cautious about the actual construction rate, noting that builders may have submitted notices solely to avail of government incentives. Dermot O'Leary, chief economist at Goodbody Stockbrokers, highlighted the need for a clear long-term policy direction. He believes the government's target of 50,500 homes per year up to 2030 is conservative and should be at least 55,000. O'Leary emphasizes the challenge of tackling the substantial housing deficit, estimated between 212,500 and 256,000 homes, based on the 2022 Census. The housing crisis is further compounded by the scarcity of available homes, with the supply of second-hand properties reaching a 15-year low. The Economic and Social Research Institute (ESRI) has warned that Irish house prices are overvalued by up to 10 percent, raising concerns about a potential correction similar to the 2008 financial crisis. While government initiatives like the Help-to-Buy (HTB) scheme and the Rent Tax Credit aim to alleviate the situation, experts argue that a more significant increase in housing supply is crucial to stabilize prices and address the growing affordability challenges faced by both buyers and renters
Economy Ireland Housing Crisis Ireland Government Targets Housing Supply Affordability Rent Inflation House Prices Economic Correction Long-Term Policy
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