Addressing Ireland’s Property Market Supply Shortage
In July, MyHome.ie reported that the number of second-hand homes for sale was at half the level it was a decade ago. This shortage in supply has led to a significant increase in property prices, with the CSO’s Residential Property Price Index showing an 8.2% rise in the past year.
This shortage is particularly concerning given the annual population growth and economic conditions in Ireland. With a decline in availability across Munster, Connacht, Leinster, and even Dublin, the market is experiencing a severe shortage of properties.
Various factors such as looser lending rules and government schemes like the First Home Scheme are contributing to increased demand for properties. However, the lack of supply is leading to a vicious cycle where potential sellers are delaying sales due to the limited options available.
It is clear that efforts need to be made to address the imbalance between supply and demand in Ireland’s property market to ensure affordable housing options for all.