Ireland's housing market faces a decade-long price stabilization wait

Ireland's housing crisis continues as the gap between supply and demand remains significant. The Central Bank estimates the country needs about 52,000 new homes annually, but only around 30,000 were built in 2023 and 2024, increasing the backlog to nearly 240,000 homes. Experts agree that building more homes is essential to address the crisis, but it may take years for new supply to impact prices. Even if construction ramps up, it could take a decade or more to see noticeable changes in affordability. Current trends show property prices rising faster than wages, complicating the situation for potential buyers. Without a substantial increase in housing stock, many may face prolonged waiting periods before prices stabilize.