herald

Saturday 21 October 2017

Dublin needs 35,000 houses, says report

A total of 35,000 new homes will be needed in the capital to meet rising housing demands over the next four years, a study has found.

The Society of Chartered Surveyors Ireland has just published a housing market report and states that there will be a shortfall of 9,000 houses.

Planning approval has only been granted for 26,000 homes.

In a move to meet the shortfall the society's report noted that there were 2,223 hectares of land in Dublin which is zoned as residential.

This land could be used to meet the demand for houses.

And if needed these hectares have the capacity for not just 9,000 homes but 100,000.

Between now and 2018 the minimum number of houses needed in Dublin is listed at 35,000.

The biggest housing need is in the Dublin City Council area, where there is demand for almost 14,000 units, but only planning permission for 1,200 homes.

However, on the other end of the spectrum, in the Fingal County Council area, there is demand for almost 10,000 units, while planning permission has been granted for nearly 17,000 homes.

In other findings in the report it was discovered that from April to June of this year 35pc of purchasers were cash buyers.

buyers

And in terms of the buyer- type, first-time buyers made up 44pc of those purchasing homes.

People moving up the ladder, accounted for just 29pc of purchasers.

The study also proved the point that it is houses and not apartments that buyers are after.

Of all the property bought in the second quarter of 2014, 74pc of them were houses and just 13pc were apartments.

"This suggests that the majority of the demand for property is still for traditional 'family-type' houses," said the report.

The Society of Chartered Surveyors Ireland also carried out a people-survey and the majority of those interviewed said they think house prices will rise.

Some 97pc of respondents envisage higher prices in the capital over the next year, with approximately 25pc of people expecting prices to be 10pc higher in 12 months' time.

jfegan@herald.ie

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