As many as 62,000 homes will be required each year to address the housing demand in Ireland in the short term, according to a new analysis.
This figure is significantly higher than previous estimates and highlights the urgent need for increased housing supply.
According to estate agents Sherry Fitzgerald, average housing demand will hover around 56,200 units per year based on Central Statistics Office population projections. However, due to the current housing shortage and the concentrated demand at the beginning of the period, the initial requirement is projected to be approximately 62,000 units annually over the next few years.
Despite this pressing need, Sherry Fitzgerald believes it is unlikely that the level of new home completions, which reached around 32,700 last year, will be exceeded this year.
In the first half of the year, only 12,730 homes were completed, representing a decline of 8.6 per cent compared to the same period last year.
Sherry Fitzgerald warns that the significant deficit in housing supply is likely to persist in the short term, further exacerbating the ongoing housing crisis in the region.