Fewer than a third of the new homes built in Ireland last year were sold on the open market, according to research by Sherry Fitzgerald featured in The Business Post.
Of the 32,500 homes constructed in 2023, just under 9,500 were purchased by private buyers, highlighting a limited supply for those seeking to buy their own homes.
The figures reveal the impact of competing demands on new housing stock, with large portions diverted to other uses.
Figures from the Department of Housing shows that over 9,000 homes were acquired by the state for social and affordable housing as part of efforts to address the ongoing housing crisis. While this initiative aims to provide housing for vulnerable groups, it reduces the number of homes available for private buyers.
The remainder of the homes were used for rental properties or retained by developers and institutional investors, further shrinking the supply for individual buyers and families.
This trend has fuelled criticism, particularly from opposition parties, who argue that government policies are failing to support aspiring homeowners.
Housing has become a pivotal issue in the lead-up to next Friday’s election, with parties making it a centrepiece of their campaigns.
The government has defended its record, highlighting record-breaking housing completions and efforts to balance social housing needs with increasing private supply. However, the latest data adds to mounting pressure to demonstrate tangible progress in making homeownership accessible to more people.
As voters prepare to cast their ballots, housing remains a critical concern, shaping political promises and intensifying debate over how best to address Ireland’s deepening housing challenges.
