Ireland needs to triple its total new homes output in 2018 for the next three years if the country is to catch up with the dire housing shortage backlog it is currently facing.
Cork property developers GPD say rather than look to single apartments builds, the development of mixed-used schemes are required in addressing housing issues outside of Dublin.
“We are currently facing a deficit of about 90,000 homes in Ireland. Our residential property market can only become fully functional once this deficit has been corrected,” Aaron Willis, General Manager at GPD said.
“In 2018, we built just 22,000 new homes in Ireland. We should be looking to triple that output for the next three years to cover growing demand and to correct the under-supply of recent years. Once we have ‘balanced’ the market, production could slow to somewhere between 25,000 to 30,000 units a year to keep pace with a growing population, an influx of workers, and changing household structures.”
GPD says forecasts for the Cork region suggest a big rise in population size over the next 10 years, as more workers come to the region for employment opportunities in the growing Tech, Pharma and Finance sectors. “The city is on the up – there is no doubt. But there is much work to be done to allow us to capitalise on the opportunities we have carved out for the region. The civic mission of the city is to attract more multinational corporations here…. But where are these workers going to live?
“We need much greater numbers of mixed used developments in the region as a matter of urgency. We must put the infrastructure in place to attract both young workers and those workers in their 30’s and 40’s who want to live in the city with their families. We must make Cork a compelling proposition if we want our economy top thrive.”