Housing supply

Housing supply should meet demand by 2024, says housing minister

Housing Minister says housing supply will finally meet demand in coming years.

“What we have projected this year is that 2023 will be a very important year to get over that 30,000 figure, which is really important.

But experts say more needs to be done to bring prices down and make homes affordable.

Housing Minister Darragh O’Brien explains how the target of 30,000 new homes in 2023 could match demand.

And result in increases in real estate prices, currently more than 13% per year, which are finally slowing down.

However, Rory Hearne, a professor at Maynooth University, says plans are still not enough.

“But still, you know, it’s nowhere near you know where we have that accumulated deficit over the years.”

“They really don’t grasp the magnitude of this crisis.”

Affordable is better

Ronan Lyons, a professor at Trinity College Dublin, says price inflation could stabilise.

But it could still leave housing costs stuck high and unaffordable for many.

“It’s not just that you want prices to stop rising.”

“What would you have preferred had its prices been affordable.”

“There’s a significant difference there in that the number of houses you need to make housing affordable again will be significantly higher than the number of houses you would need to keep prices from rising.”

With housing set to be the number one non-Covid issue over the coming year, the government’s progress in both directions will be closely watched.