Summary
New figures from the Central Statistics Office indicate a 10% increase in new home construction in Ireland during the third quarter of the year, with over 38,000 homes built in the past 12 months. However, experts argue that this rate falls short of the estimated 50,000 homes needed annually to address the significant pent-up demand for housing.
Interviews conducted in Dublin reveal that many young adults are still living at home due to the high costs of housing. One 29-year-old shared her struggles with saving for a home, noting that rising expenses and stagnant salaries make it difficult to afford even renting. This sentiment is echoed by her peers, many of whom are also delaying independence due to the housing crisis.
Economics and Public Affairs editor David Murphy highlights that while construction is on the rise, it is not sufficient to meet the government's target of 300,000 homes by 2030. Current projections suggest that only about 40,000 homes will be built this year, leaving a significant gap in addressing the estimated demand for 250,000 to 300,000 additional homes. To effectively tackle this issue, construction rates need to increase dramatically in the coming years.
Show Notes
Over the past 12 months there have been 38,589 homes built in Ireland. New CSO figures show just over a 10% increase then the same time last year. Our reporter Cara McHugh gets reaction from people in Dublin about housing and our Economics and Public Affairs Editor, David Murphy tells us more about the figures.
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