Fiddling while Rome burns: housing in Ireland

Ireland after NAMA

For the last couple of months there have been a number of media pieces suggesting that the Irish housing market is turning and house prices are starting to stablise more broadly and rise in parts of Dublin.  It certainly seems from government data and industry and buyers that for some types of property (family homes), in some select places (desirable parts of Dublin) house prices have levelled off and are growing marginally.  The proffered wisdom from these observations is that house building needs to start again.

There are two points to note, however.  First, any stabilisation and recovery in the market is highly segmented by type and geography.  Apartments are still in the doldrums, as is just about everywhere outside the M50.  Secondly, and more importantly, concentrating on house price rises and the shortage of family homes in South Dublin deflects attention away from the much more serious set of…

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