Urban areas continue to be the main drivers of economic growth in Europe and all over the world. Ireland happens to be similar to other countries, which means their main cities continue to drive economic growth. Demographic trends in Ireland have been showing that the population is steadily moving towards city regions, like Dublin. Dublin is the main economic engine in Ireland, and other big Irish cities are important as well.
Ireland is actually currently one of the least densely populated countries in Europe. In the future, Ireland’s urban areas and neighborhoods will be the main places of residency for most people. The densification of the urban regions will need to increase, which will be facilitated by enhanced public transport and social infrastructure. Also, the advent of the pandemic will advance attention on the location and design of residential buildings. The development industry has started to adapt to these new changes in the Irish market.
Urban and suburban locations with good transport options and proximity to amenities like parks will be preferred. Apartments and houses with good internal and external leisure will also be desired. One of the biggest challenges facing cities is housing the populations that wish to dwell there, which happens to be experienced in most countries across the world. Many cities employ various strategies at their disposal to foster investment and the delivery of housing. The main point is to facilitate the importance of affordable housing that appease the quality of life for Irish citizens, and the new supply is one of the most challenging factors in moderating the cost of housing. It is critical for Ireland to give its citizens opportunities for housing.
An important factor to be aware of is that US cities offer tax credits to developers to ensure the productivity of development. It is appreciated that without private development the cities would have no way of meeting the housing goals and needs of the population. Household sizes have been on a very steady decline, and the marketplace has a desire for a diverse range of housing to meet the needs of the Irish population.
To accommodate smaller households, it is important to build and maintain more apartments. However, due to large costs and the complexity associated with apartment development it is very difficult to achieve viability in most Irish cities. It will be interesting to see how the Irish housing market responds to the needs of its citizens on into 2021.
Written by John Spurrier, Mortgage Analyst for Online Application