An Irish housing market that has been booming in recent years has now been hit by the onset of winter weather, as more than a third of the country’s homes have been abandoned and some are not yet habitable.
Dublin’s housing market is one of the best in Europe and is underpinned by the €30bn in loans from the European Central Bank, but the country is facing the prospect of a housing bust.
Ireland has already recorded more than 5,300 empty homes, a significant increase from the 1,000 dwellings recorded in the first half of this year.
The average price of a Dublin home is €1.8m, according to the latest census, up from €1m in the early 1990s.
In the first quarter of 2018, the average price for a property in Dublin was €3.6m, the equivalent of almost €80,000 a year for the average person.
This is a lot of money for Dublin and the capital, which has been the countrys largest single employer, according a recent study.
Dubai has also seen its number of residents increase, as the city is home to around one in three of the population.
This influx of people is causing an exodus of people from the city, which is already seeing some properties being sold.
In a statement, Dublin City Council said it was “shocked and deeply concerned” by the trend, which it said it would “continue to monitor”.
Dublin has been hit hard by the impact of the winter weather on property prices.
The Irish Housing Association (IHA) said more than 3,000 properties had been declared as non-habitable, and that a further 1,400 properties were “not in good condition”.
“The impact of winter is very significant on the housing market,” IHA managing director James McKeown said.
“In many parts of Dublin we are seeing a significant number of empty properties and in some parts we are not seeing any at all.”
The lack of suitable housing in Dublin is impacting negatively on the local economy and the region as a whole.
“The IHA said it had also identified 1,200 properties that had been vacant since mid-December.IHA chief executive Paul Murphy said the IHA had launched an “emergency relocation plan” for vacant properties, which would involve removing vacant properties from their current addresses and placing them in vacant properties owned by local authorities.”
Our emergency relocation plan is a response to the housing crisis that has hit Dublin and we need to do everything we can to help our residents and their neighbours in this period of extreme winter weather,” Murphy said.
Dublín is already experiencing a housing shortage, with the vacancy rate among its residents standing at 8.7 per cent, according the latest Census of Housing.
The ICA said this was the highest level of vacancy in the country and would be particularly worrying for people in Dublin’s outer boroughs.”
This is another example of the lack of social housing in the Dublin region,” said IHA executive director John Collins.”
We are now at a tipping point with respect to social housing, with just over 50,000 units of social and affordable housing, and we have a further three to five years to build up this figure.
“However, the ICA was quick to stress that it was not a knock on the city as a result of the shortage of social accommodation, but a result, as it has said, of a “significant shortage of affordable and social housing”.”
We have been warning for some time that the Dublin housing market was headed for a housing crunch,” Collins said.”
Unfortunately the last few months have shown it to be true, with a housing bubble and the collapse of the housing sector causing the worst recession in the city’s history.
“In its statement, the council said it has a long-term strategy to “rebuild the social housing stock”, which will involve the “reopening of properties”.
However, it said that this “will require the full cooperation of all those involved in the scheme, which we are doing with a very close collaboration with the local authority”.”
This means that while we do not yet have a full plan for the scheme in place, it will be part of a plan to address the housing crunch, as we continue to build housing in communities that need it most,” the council added.