340,000 new homes required in next decade to meet demand - Central Bank
34,000 new homes are needed to be built every year for the next 10 years to meet demand.
A new Central Bank report says the rate of house building has failed to keep pace with population growth.
It says home building needs to be ramped up over the next decade to facilitate demand.
The report finds that over the last 25 years the construction sector experienced an unsustainable expansion followed by a severe contraction.
In the 10 years from 1998 to 2008 more than 60,000 houses were built every year. This fell to 10 and a half thousand after the economic crash and collapse of the construction industry.
However the population has continued to grow and in the last three years alone there are an additional 182,000 people in the state.
Economic growth has also continued at a rate of 4.6% in the same period putting further pressure on supply.
This year 21,000 new houses will be built in the state and the Central Bank believes this is well below current and future estimated demand.
They say 34,000 new homes are needed to be built every year for the next 10 years.
For full details of the report see
here
