Cian O'Callaghan TD

House prices nationally are now 3 percent above their highest point at the peak of the property boom

Social Democrats TD Cian O’Callaghan has called on the Minister for Housing to explain what he is going to do to address the rising cost of home ownership after figures released by the Central Statistics Office (CSO) revealed that property prices have reached record levels.

Deputy O’Callaghan, who is the party’s Housing spokesperson, said:

“It is deeply concerning that house prices in Ireland have reached record levels and continue to climb. The national Residential Property Price Index (RPPI) shows an 8.6 percent increase in the 12 months to November 2022, with values in Dublin rising by 7 percent and by 9.8 percent outside the capital.

“This means house prices nationally are now 3 percent above their highest level at the peak of the property boom in April 2007, increasing by nearly 130 percent since 2013.

“The Government needs to urgently change tack on its housing policy. The Minister must immediately act to increase the supply of social, cost rental and affordable purchase homes, and tackle delivery bottlenecks when it comes to land and financing.

“In addition, the scandalous waste of vacant properties must be confronted head on with the introduction of a punitive tax to heavily discourage leaving homes empty.

“Given the prohibitive cost of home ownership, it is clear we cannot just rely on the property market to solve the housing crisis.”

January 18, 2023

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