Ireland's housing demand peaks as general election looms
Massive growth in the population of Ireland between 2015 and 2023 has seen demand for housing reach a ratio of now just under 4 to 1. This means that for every four persons seeking a house, only one property is available.
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00:00Massive growth in the population of Ireland between 2015 and 2023 has seen demand for housing reach a ratio of now just under four to one.
00:11That means for every four persons seeking a house, only one is available.
00:15The massive demand for housing is resulting in a huge increase in property prices, which is now beyond the reach of most young people.
00:23Some observers say the government is failing badly to address the needs of people who are trying to get on the property ladder.
00:30We've failed to stem that flow and failed to build appropriate social homes to allow them the dignity of being able to be housed.
00:38So we have a massive crisis here at the moment that is increasing year upon year and a massive supply and demand that doesn't mix, doesn't connect and is completely disconnected and at odds with what our needs are.
00:49Central to the massive demand for housing is the rapid rise in the population.
00:54The numbers in the country have risen from 3.6 million in the mid 1990s to a current figure of 5.1 million.
01:01However, in that time, the number of housing completions has fallen behind demand.
01:06A recent study found that Ireland has a higher house demand ratio than Spain, the United Kingdom, Germany and the USA.
01:14The demand per capita is twice that of Australia, which is a popular destination for immigrants from all over the world.
01:21The Irish government say that despite the current figures, the rate of housing completions is improving.
01:27For 10 years up to 2020, not enough homes are being built.
01:31But if I look at what we're doing now, that in the first two years of housing for all, we significantly exceeded our targets.
01:38We will do so again this year by delivering private, really good social housing, social housing at a rate that we haven't seen for over 50 years and affordable homes for working people for the first time in a generation.
01:50The real problem for the Irish government is that as its economy continues to boom, Ireland will remain an attractive location for immigrants whose demand for housing will continue to surpass supply.
02:02This 4 to 1 ratio of demand and supply of houses in this country is putting pressure on the government to increase property completions.
02:10With a general election coming down the line in the coming months, housing could be the issue that determines who forms the next government in this country.
02:19This is Ken Murray for Euronews in Dublin.