Whitaker Institute members Dr Gerard Turley and Stephen McNena, of the Performance Management cluster, have written a recent article for RTÉ Brainstorm. The article explores whether Ireland should introduce a vacant home tax, similar to that introduced in Canada.
Analysis: Canada’s experience may give some pointers as how to deal with the huge stock of unoccupied dwellings here
Many countries and cities around the world are experiencing a housing crisis. Ireland is no different, with the problem most acute in Dublin. Nationwide, the demand for accommodation exceeds supply. Although new residential property construction has recovered since the 2008/09 Great Recession, the current rate of about 20,000 units per annum is well below the required annual 33,000 newly constructed homes as stated in the Government’s Housing for All plan.
Property prices and rents have increased strongly, and continue to rise with no slowdown imminent. Property prices are up 60% over the seven years since 2015, and up nearly 120% since their trough in early 2013. Nationwide average rents in new tenancies were about €800 per month during 2009-2014, but have increased by over 75% to reach over €1,400 at the end of 2021. In Dublin, average rents in new tenancies are close to €2,000 per month. Continue reading…