8th July 2016

CHAMBERS IRELAND PRESS RELEASE: Irish Competitiveness Threatened by Under Supply of Housing

The National Competitiveness Council’s study on the affordability of Irish housing today (8 July 2016) shows the extent to which high rents and house prices are impacting Ireland’s economic competitiveness.

Commenting on the NCC Report, Mark O’Mahoney, Director of Policy and Communications, Chambers Ireland said: “It is worrying to see that the lack of affordable accommodation now risks undermining our overall competitiveness. This  is also becoming a threat to Ireland’s attractiveness for Foreign Direct Investment.”

“There are new opportunities for Ireland to attract additional FDI given Britain’s decision to leave the EU, but insufficient accommodation options for employees and their families will make Ireland less attractive for investment.  Ireland is most certainly open for business, but rapidly increasing the supply of housing of all types, social, private, and ‘build to rent’ accommodation, is now vital to help address housing affordability issues and to ensure that our cities can continue to attract and retain Foreign Direct Investment. We expect that the forthcoming Action Plan for Housing will provide a blueprint for the concerted action necessary to increase the supply of housing in our cities, but it will need swift implementation.”

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