More is Required to Address Housing Supply Constraints

Property consultants Savills Ireland have welcomed the announcement today that 86 housing developments across the country will benefit from the €10m Special Resolution Fund announced in Budget 2014.

Dr John McCartney, Economist and Director of Research at Savills said;

“This initiative will help to improve the safety and quality of life for people already living in unfinished estates around the country. However, it will not meaningfully address the supply side constraints that are driving up house prices in Dublin, the surrounding commuter counties, and in the major urban centres of Cork and Galway”. 

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He continued, “None of the 86 estates earmarked for investment are in Dublin, where price pressures are at their highest. Only four are in the commuter counties of Kildare, Meath and Wicklow, while only 9 are in the urban centres of Cork and Galway. However, this initiative demonstrates Government’s increasingly proactive stance on addressing issues in the housing market. Hopefully this will be further demonstrated through measures to stimulate much needed new housing development in Dublin when the Government’s construction strategy is published in the coming weeks.”