Generation priced out of Ireland’s failed housing system, Sinn Féin TD says (2024)

FAQs

How many houses will be built in Ireland in 2024? ›

The Government will deliver 40,000 new houses in 2024, Green Party leader Eamon Ryan has promised. The Environment Minister has said that the Government will deliver beyond the existing housing targets for this year. Under Housing for All, the delivery target for 2024 is 33,450 new build houses.

Ireland is currently facing a housing crisis due to decreasing investment and a rising population. Ireland house prices could continue rising for the near future, the Economic and Social Research Institute (ESRI) has warned the Oireachtas Committee on Budgetary Oversight.

Housing Costs in Ireland

The monthly rent for a one-bedroom in the city center is USD$1,700-$2,100, while a three-bedroom is USD$2,950-$3,600. Even outside of the city center, costs are steep, with a three-bedroom renting for USD$2,350-$2,900 per month.

Current Government Initiatives

The Irish government has introduced a number of initiatives to address the housing crisis, including: Housing for All: A government plan to increase the supply of affordable housing by 33,000 new homes per year.

The trend in home ownership and renting between 2016 and 2022 was similar to the trend between 2011 to 2016. Home ownership rates fell as the total number of households living in rental accommodation increased to over half a million. The proportion of owner occupied dwellings was 66% in 2022, down from 68% in 2016.

Vacancy by Dwelling Type and County

In total, 130,469 houses and 32,964 flats/apartments (including bed-sits) were vacant on the night of the census in 2022. Between the 2016 and 2022 censuses, the number of vacant flats and apartments fell by 24% from 43,192 while the number of vacant houses fell by 7% from 140,120.

Over-Reliance on the Private Rental Market

Record rents have pushed lower income families and people into homelessness. Exacerbating this problem, the Irish rental market is still characterised as one in which tenants lack long-term security of tenure and rent certainty when compared to other European countries.

Housing Market

supply of homes and a high demand from both local residents and international investors. Renting a property in Dublin can be particularly expensive, especially in popular areas like the city center. live in Dublin, it is important to budget a significant portion of your income towards housing costs.

Rents are expected to rise this year due to the high level of demand and input cost inflation, such as soaring energy bills, for constructing units. The viability of new apartment development is a key concern for the real estate market in Ireland this year, according to commercial property specialists CBRE.

If you're living alone, a good salary to live with in Dublin would be at least €50,000 per year (€4,167 per month) before taxes. If you're the sole breadwinner of a family of three, a good salary would be twice that amount, around €90,000 – €100,000 annually (€7,500 – €8,333 per month).

How much money do you need to live comfortably in Ireland? ›

A salary of around €6,000 per month is estimated to be sufficient for a family to live comfortably in Ireland. This amount will cover the basic expenses such as rent, food, transportation, healthcare, and utilities.

Depending on your needs rents for a basic apartment start at 1500 euro so 3000 will get you by but you will not be living in luxury!

Housing prices during 2023 rose by an average of 3.4%, the smallest increase since 2019. The typical listed price nationwide in the final three months of the year was €320,046, 1.5% lower than in the third quarter and roughly 14% below the Celtic Tiger peak.

Ireland's housing shortage is driven by a number of factors but one underlying cause is a lack of state investment in social housing. In the late 1990s and early 2000s, Ireland saw a rapid expansion of private construction as banks were eager to grant huge loans - a landmark of the Celtic Tiger boom period.

Though it's unlikely that there'll be a housing crash in Ireland, the current housing crisis has continued to rage. With a significant supply shortage and a large number of homeless, something certainly needs to be done in order to stabilise our housing market.

CIS Housing figures

CIS reports that 29,890 housing units were completed in 2023, which it says is an increase of 15% on the previous year, with the overall figure split between just over 25,000 units within scheme housing and apartment developments across nearly 1,000 sites and with 4,855 single dwellings built.

However, access to skilled labour, securing a healthy profit margin and the increased cost of raw materials remain the three most significant challenges facing the industry. "Overall construction investment in Ireland is forecast to increase by 4% in 2024," said CIF Director General, Hubert Fitzpatrick.

The 2024 residential property review and outlook survey carried out by the Society of Chartered Surveyors Ireland (SCSI) found that 63 per cent of its members believe house prices have either peaked and should start to decline or are close to peaking and will level off soon.

The Government's Housing for All plan aims to build an average of 33,000 homes a year between now and 2030, although the housing minister has admitted that closer to 40,000 new-builds would be needed to meet demand.