Real estate commissioning company Compass Real Estate has said that Dublin has the lowest number of properties for sale in the European Union (EU) and the biggest number of homes for sale at any given time.
In 2017, it has been estimated that just over 7,000 homes were sold across the 28-member union.
But while Dublin has a large number of housing stock, its home market is still not at the level of many other EU member states.
This is largely due to a lack of home-ownership opportunities.
“There are currently just over 4,500 properties available for sale within the City of Dublin and they are priced from €7 million to €10 million.
That is a significant drop from last year when over 5,000 properties were available,” Compass Real Property CEO David Cavanagh said.
The low availability and the low prices have been caused by a number of factors.” “
Many of these properties are owned by people who have not been in the property industry for a long time.
The low availability and the low prices have been caused by a number of factors.”
Mr Cavanah said the situation was the result not just of a lack.
“It is a situation that is not unique to Dublin, it is a phenomenon across Europe and we have seen this with house prices in London and Paris,” he said.
The Irish Real Estate Association (IRA) said it has received complaints from several members of the property development community who believe that the market is not competitive and they want to know why.
“This is an issue we are seeing across Europe as well as within the Dublin area, we have a number members who have felt the same frustration,” said Ira McGinley, the chief executive of IRA.
“We are all in favour of a more competitive and affordable housing market and we hope that the City Council will work towards that goal.”
Mr McGinry said it was important that the council addressed the issue of the shortage of housing and ensure that there was enough available land for people to purchase homes.
“Our members are concerned that they are being priced out of the market and that they will not be able to build the homes that they would like,” he added.
Housing crisis: A review by the National Housing Federation (NHF) in November revealed that more than two thirds of properties in the Dublin region were either underutilised or in need of rehabilitation.
The report revealed that only 2.5 per cent of homes were being developed as suitable for housing and only 2 per cent were being marketed to buyers for purchase.
The NHF said it is “working with the City on the issue and will continue to provide updates on our progress”.
The report found that the number and proportion of homes sold fell by 12 per cent in the year to March 2018.
In the period from June 2018 to March 2019, the rate of home sales fell by almost 10 per cent.
Mr McG in his report highlighted the issue that Dublin City Council has taken a lot of steps to address.
“At the time of the report, Dublin was in the process of converting 1,500 flats in its South Dublin district to affordable housing and that is still ongoing.
We are currently working with the Irish Housing Board and our regional partner, the State Government to continue to ensure that housing opportunities are available for all who need them,” he noted.
While we continue to work with the State to improve housing and affordability, it’s vital that we continue working with our housing industry to help create jobs and support our community.”