Wednesday 21 February 2018

Capital rents back to boom-time levels - so we need to build now

Pat Davitt, chief executive of the Institute of Professional Auctioneers and Valuers
Pat Davitt, chief executive of the Institute of Professional Auctioneers and Valuers
Paul Melia

Paul Melia

Confirmation that rents continue to soar as the country grapples with a housing crisis is further evidence of the need to build homes - and fast.

Never before has there been such an imperative for the Government to kick-start the construction sector, and unless new thinking is brought to bear, households will continue to be crippled with hikes which ran to almost 9pc over the past year. This is not the Ireland of the boom years of full employment and generous salaries, yet Dublin tenants are paying more today for a home than they did at the height of the Celtic Tiger property bubble.

The figures are worth stating - it costs an average of €1,314 per month to rent a property in the capital, €3 more expensive than in 2007 where prices reached a record high. An apartment is €18 dearer.

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