Report shows four times more new houses need to be built in 2018 compared to last year

A property finance firm has predicted that up to 480,000 new homes are needed across Ireland by 2031 to meet demand.

Initiative Ireland also expect 34,000 new units will be needed on average each year with half of those needed within the Greater Dublin Area.

The company, which is headquartered at NovaUCD, today launched their annual housing report, which aims to give a view of housing supply and demand over the last 25 years in the Republic of Ireland in order to make more reliable forecasts of housing demand up to 2031.

    Key Analysis Findings

  • More than 40,000 new homes are needed in 2018, or 34,000 annually until 2020 with surplus demand across all regions of Ireland;
  • Fewer than 10,000 new homes were delivered nationwide in 2017 based on Builder Bonds and BER Rating registrations;
  • 50% of Housing Demand will fall within Greater Dublin Area by 2031.

Padraig W. Rushe, CEO of Initiative Ireland, said: “To establish a true picture of the market, we have pulled data from multiple independent sources to establish more accurate understanding of housing supply.

"We have observed regional population and housing trends from the last 25 years and overlaid this information against population forecasts up to 2031.

"Our goal is to provide a more accurate, reliable picture of regional housing requirements in Ireland to date and into the future, to help ensure the sustainability of our housing and finance industry and learn from the mistakes of the past.”

Rory McEntee, Director of Property & Legal at Initiative Ireland, said: “2017 saw a significant uplift in the volume of new housing commencements across Ireland but many of these developments, especially larger developments, will take some time to come on the market.

"If we are going create a more sustainable housing market, we need to focus on accurately forecasting demand by region and supporting developments of all scales across these regions.”

KEYWORDS: housing

 

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