Ireland as many as 20,000 new homes per year behind requirements [Video]

Ireland needs to build 35,000 to 53,000 new homes every year to meet demand for housing, the Economic and Social Research Institute (ESRI) has said.

Of the average over all possible 12 scenarios considered in a new ESRI report, structural housing demand is projected to be around 44,000 per year from 2023-2030 and around 40,000 per year from 2030-2040 based on different population and demographic changes.

The research uses a number of key tools to determine population growth, including mortality, fertility and various international migration assumptions. Just over 32,000 new homes are expected to be constructed this year, which would be slightly below 2023 levels.

In the baseline population scenario, where the population is expected to increase by 922,000 between 2022 and 2040 which will result in a total population of 6.1m, housing demand in the period ranges from around 38,000 to 50,000 per year from 2023-2030. This is based on assumptions around household size and housing obsolescence rates.

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