Thursday 14 December 2017

High costs in the construction sector keep pushing up prices

Thomas Molloy

Thomas Molloy

CLOSE to the top of the lengthy list of Irish delusions is the myth that we are a nation of proud homeowners.

In fact, a third of us rent while just two-thirds live in a home that we, or the banks, own. These days, home ownership here is lower than the European Union average.

In other words, rising rents matter for a great many people but get very little attention amidst all the hullabaloo about house prices. House price gains are generally good for those who own a house (and don't plan to trade-up). But they are always bad for the one in three who rent because rising property prices inevitably push up rents unless you live in a country like the United States or Germany where rent controls are common.

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