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Real Estate
The Irish housing market is facing unprecedented challenges, with both housing supply and housing demand continuing to pose significant problems. Despite efforts to increase housing completions, the gap between supply and demand remains substantial. This article delves into the current state of the Irish housing sector, exploring capacity constraints, planning permission issues, and the impact of home price inflation on potential buyers.
One of the primary challenges affecting Ireland's housing supply is the lack of skilled labor. The construction labor market is at full employment, with an overall unemployment rate of 4.3% in September 2024, indicating that the economy has no spare capacity to absorb additional workers easily[1]. To meet the ambitious housing targets of 50,500 units annually from 2025–2030, a significant increase in the construction workforce is required. However, this is not just about numbers; the sector needs skilled workers who require training and experience.
To address this issue, policymakers are focusing on apprenticeships and promoting the Irish construction industry abroad. In 2023, a record 8,712 new construction apprenticeships began, which is expected to enhance the domestic labor supply if these apprentices remain in Ireland after completing their training[1].
Several policy options are being considered to help alleviate these capacity constraints:
A recent and concerning trend in the housing sector is the sharp decline in planning permissions for new homes. In 2024, planning permissions for apartments plummeted by nearly 39%, while houses saw a reduction of 2.7%. This translates to an overall decrease of 21.4% in new homes approved annually compared to a 20.6% increase in 2023[2].
The decline in planning permissions indicates a potential slowdown in future housing delivery, exacerbating the existing shortage. This situation is particularly acute in urban areas like Dublin, where apartment planning permissions fell by 55.7%[2]. The reduction in Strategic Housing Developments (SHD) approvals further complicates efforts to meet housing demand in cities.
To mitigate these challenges, there is a call to:
Ireland is experiencing significant home price inflation, with prices rising by an average of 3.7% in the first quarter of 2025. The national average listed price has reached €346,048, marking an 11.6% increase over the past year and a 35% rise since the start of the COVID-19 pandemic[3]. This surge in housing prices is largely driven by a severe shortage of supply. As of early 2025, fewer than 9,300 second-hand homes were available for purchase nationwide, the lowest number since records began[3].
The rapid growth in house prices, coupled with low housing stock availability, is leading to increased financial burdens on potential homeowners. This situation is further complicated by rising interest rates, which have prompted many homeowners to lock in fixed mortgage rates, reducing liquidity in the second-hand market[3].
To combat these issues, policymakers must focus on increasing housing supply in a sustainable and equitable manner. This could involve:
Ireland's housing crisis is multifaceted, driven by capacity constraints, planning permission declines, and a severe shortage of available homes. Addressing these challenges will require innovative policy solutions and strategic investment in both housing development and labor force enhancement. Until significant strides are made in these areas, the housing market is unlikely to meet demand, leading to continued price inflation and broader societal impacts.
