Duffy, David. 'Symposium on the Irish housing market: issues and prospects'. - Dublin: Journal of the Statistical and Social Inquiry Society of Ireland,Vol. XXXIV, 2004/2005, pp93-103
Journal of The Statistical and Social Inquiry Society of Ireland Vol. XXXIV 2004/2005
The housing sector represents an important micro-economic and macro-economic component
of the Irish economy. At a micro level purchasing a dwelling is probably the biggest personal
financial commitment an individual will make. The necessary funding is usually borrowed
over a long time period. Borrowing constraints mean that the full purchase price of the
dwelling cannot typically be borrowed. Mortgage repayment can represent a significant
proportion of after tax income. Expenditure by the personal sector on housing and household
equipment and operation represents around a quarter of the value of personal consumption.
The performance of the housing sector is also important for the macro-economy. The
substantial increase in housing output means that investment in new house building now
accounts for 30 per cent of overall investment volumes and has made a significant
contribution to the volume of economic growth in recent years. Construction employment, at
over 204,000 in 2004, now accounts for around 11.7 per cent of total employment. Figures
from the latest Quarterly National Household Survey show that much of the increase in
employment in 2004 is accounted for by the construction sector.
Section 1 provides an overview of recent trends in some housing market indicators. Section 2
discusses the impact of these recent developments on the affordability. Section 3 examines
the consequences of high house prices for migration. Section 4 provides an analysis of the
growth in housing output and the consequences for the Irish economy. Section 5 concludes.
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