Renting vs. Buying

A current issue revolving around Irish news is whether to increase the supply of rental or property ownership. It is well known that there is a shortage in properties available, but just trying to produce as many properties as possible is not the solution. Careful review of the issue needs to take place by the government and necessary legislation would follow. Some factors to consider include; land zoning, shared ownership purchase models, tax breaks for EU nationals arriving for construction work, reduced CGT for empty sites, tax reduction for citizens downsizing, and help-to-buy schemes.

First time home buyers are having trouble purchasing homes due to the increasing purchase prices. It is universally agreed upon that more properties need to be available. According to an independent article, 2500 houses that were built in the first three months have not been sold yet. In addition, this is driving up decisions. That coupled with difficult mortgage banking is challenging middle- and lower-class citizens to find accommodation. These statements emphasize the lack of availability and ease for purchasing affordable housing.

Build-to-rent schemes have the …

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Ireland is Searching for Additional Construction Workers to Solve Housing Shortage

Ireland has a population growth of more than five times compared to the EU average. In the year 2017, Ireland’s population rose by 1.1% per annum, a lot larger than the average for the EU of .2%. Additionally, Ireland had the highest birth rate of any EU member with 12.9 births per 1000 people.

A growing population is great for the economy; however, it causes additional problems as well. One of these problems is a major housing shortage, especially within the more densely populated cities, like Dublin.

One of the roadblocks that Ireland faces with improving the housing shortage is the lack of construction workers. At the current rate, it will be nearly impossible to keep up with the growing population in densely populated Irish cities. Attracting construction workers from abroad could be a short-term fix and become long-term. Additionally, an increase in construction workers would stabilize pay and lower costs for construction companies. Professor Alan Ahearne, Director of Whitaker Institute and Professor of Economics at the National University of Ireland, is worried that a large influx of workers would …

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