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The government could help solve the housing crisis if it borrowed several billion euro, says ESRI
Ireland faces another decade of rising prices and rents unless the government spends money building homes, the ESRI says. By Christine Bohan Thursday 3 Jun 2021, 8:00 AM 1 hour ago 3,980 Views 21 Comments
A construction site in Dublin city
Image: RollingNews.ie
Image: RollingNews.ie
THE GOVERNMENT COULD help to solve the housing crisis if it borrowed an additional €4 billion to €7 billion a year, the ESRI has said in a new report.
The Economic & Social Research Institute said that Ireland faces another ten years of rising prices and rents without a ‘significant’ amount of spending in building homes.
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A single person on a typical salary could only buy a typical house in seven of the 26 counties in the Republic, new figures show.
This is based on a person on the median salary, looking to buy a home at the median price.
Experts say the figures give an insight into the difficulties that single people face when trying to buy a home.
Kieran McQuinn, a professor at the Economic and Social Research Institute (ESRI), said: “For people working in the housing area, this wouldn’t be a huge surprise.
“Ever since the early 2000s, it’s almost like the mortgage market is assuming that you’re talking about a dual-income couple buying a property, unless the single income is a really high level. It’s almost built into the system.”