A leading estate agency has said around 525,000 houses will need to be built in Ireland over the next 15 years.
Addressing the challenges and opportunities in the housing market Marian Finnegan, Managing Director at Sherry FitzGerald, said that despite the doom and gloom predicted in the housing market when Covid hit in early 2020, there has not been a reduction in the prices of houses.
One key reason she suggested was the introduction on the macro prudential rules introduced in 2015 which “helped control the volatility of the housing market”.
“Looking to the future Sherry Fitzgerald expect strong population growth, with demand for about 35,000 houses every year for the next 15 years,” she added.
Perhaps, it is this figure above all others which encapsulates the extent of the challenges now and in the years ahead.
Despite all the difficulties 2020 presented, 20,676 new housing units were completed.
The forecasts for this year are somewhere between 15,000 – 16,000 units, significantly below the level needed to satisfy demand.
Ms Finnegan’s was speaking at this year’s IHBA Housebuilding Summit 2021 held virtually on March 25.