New figures from Deutsche Bank suggest that it would take Ireland up to 43 years to fill empty residential stock, the Irish Independent reported.
An estimated 289,451 homes are unoccupied, including 60,000 vacant holiday homes. The calculation excludes holiday homes, and Deutsche Bank estimates that it would take the country 57 years to clear the oversupply.
“Barring a sudden and sizeable recovery in Irish net migration, or a politically controversial policy of demolishing large volumes of excess housing stock, housing oversupply will remain a feature for many years, possibly decades, to come.
“Over 200,000 houses would need to be demolished in order for the housing supply to fall to three years of current population growth,” said the report.
Deutsche Bank’s figures follow Nama’s announcement last month of plans to spend €2bn (£1.6m) to complete unfinished residential and commercial developments in Ireland.
sophia.furber@estatesgazette.com
