Capital spending on housing down 21 percent on this time last year
Confirmation from the Central Statistics Office (CSO) that property prices have risen above their Celtic Tiger peak further highlights the scale of Ireland’s worsening housing crisis, according to Social Democrats TD Cian O’Callaghan.
Deputy O’Callaghan, the party’s spokesperson on Housing, said:
“The national Residential Property Price Index (RPPI) has reached a value of 164.9 points, which is 0.8 percent above the highest level recorded at the peak of the economic boom in April 2007.
“The national RPPI increased by 13 percent in the 12 months to July 2022, with prices in Dublin rising by 10.4 percent and prices outside the capital up by 15.2 percent.
“Behind these statistics lie the human cost of the housing crisis, where home ownership is just a pipe dream for many people struggling to pay rent living in constant fear of eviction. Every week I hear from young people, whose skills we badly need, who are emigrating as they cannot find somewhere affordable to live.
“The extent of the housing emergency can be seen in everyday life, from the hundreds of renters desperately queuing for viewings to students and families forced to sleep rough or in their cars.
“Today’s CSO figures also come against the backdrop of record levels of homelessness, with more people than ever seeking emergency accommodation.
“With rents now among the highest in Europe and the cost of home ownership above Celtic Tiger levels, the Minister for Housing is failing utterly to get to grips with this crisis.
“Despite all the promises, the Government has failed to meet its own targets, with capital spending for housing 21 percent lower than this time last year. This means that thousands of badly needed social, affordable and cost rental homes will not be provided in 2022.
“The Minister urgently needs to outline what emergency actions he proposes to ensure people can access the housing that they need.”
September 14, 2022