Housing in Ireland: From Crisis to Crisis

Abstract

In this paper we provide an overarching analysis of housing in Ireland from 1993-2014, examining trends in housing and land prices, supply and vacancy, social housing, private renting, mortgage debt and arrears, negative equity, and homelessness. The central thesis we advance is that housing in Ireland has been perpetually in crisis over the past twenty years, evolving through three distinct phases: 1993-2006 (the Celtic Tiger years); 2007-2012 (the crash); 2013- (unstable, uneven and partial rebalancing). The paper sets out the trends, policy and the multiple crises operating within each of these periods, illustrated through an extensive use of relevant data. The conclusion sets out why housing in Ireland evolved through these crises and examines what might be done to solve present issues and provide more robust housing policies that will be sustainable, equitable and ameliorate against future boom and bust cycles.

Keywords: house prices, supply, vacancy, social housing, private renting, mortgage debt, mortgage arrears, negative equity, homelessness, unfinished estates, land prices