Wednesday, August 06 10:24:59
Dublin will need nearly 55,000 new homes to meet demand in the next seven years, according to a research paper from economic think-tank, the ESRI today.
The research also pointed out a growing disparity in the housing situation in Dublin and in much of the rest of the country.
It said that while there is a shortage of housing in the capital, there is a substantial surplus of housing stock in some counties and it will be many years before this is work through.
Dublin is facing "significant housing shortages" if the rate of construction is not "increased rapidly" the ESRI report said.
From 2011 to 2021 an additional 180,000 households across the State will need somewhere to live.
The current oversupply of houses in vacant or "ghost estates" will be able to accommodate about half that number, leaving a need for 90,000 houses or apartments to be built between 2011 and 2021, or an average of 12,500 each year.
However, the housing requirement is not distributed evenly across the State and is largely concentrated in Dublin and its surrounding counties.
The analysis by Dr Edgar Morgenroth, associate research professor with the ESRI, found that more than 60pc of the total properties needed were in Dublin, or almost 8,000 units, with a further 26pc accounted for by demand in Louth, Meath, Kildare and Wicklow.
But only 1,360 houses and apartments were built in Dublin last year, and just one-third of all housing units built between 2011 and 2013 were in the greater Dublin area.
"Given that the total number of housing completions recorded in the Greater Dublin Area during the 2011-2013 period is below what is needed to meet demand, this will result in significant housing shortages in the Greater Dublin Area if the rate of housing completions does not increase rapidly," noted Dr Morgenroth.