According to a survey carried out by the Central Statistics Office (CSO), property prices in Ireland increased by 12.1pc from January 2017 to October 2017. Clearly, this rate of increase is higher than the rate of inflation in January 2016 to October 2016, which was only 7.5pc.
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According to Ronan Lyons, an economist and assistant professor based at Trinity College Dublin, there is a marked difference between the number of houses constructed or in construction and the families occupying them. The solution could well be two to three-bedroom apartments for couples without children. Actually, he raised these issues at the 40th annual Dublin Economics Workshop conference in Wexford.
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A house is the most valuable asset a person can ever own. Consequently housing matters to economic development. While it can improve economic performance and competitiveness, it can also lead to segregation and poverty. As housing is closely linked to consumer spending, a rise in house prices makes homeowners feel more confident and wealthy. This is known as the ‘wealth effect’. The rapid rise in property prices in Ireland has led to an increase in spending on home improvements, holidays and high-value household goods.
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The Oireachtas committee recently released a report that provides solutions that could help in controlling the current housing crisis in Ireland. While focusing on the credit union sector, this report also issues various recommendations to increase its long-term sustainability.
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The Oireachtas committee recently released a report that provides solutions that could help in controlling the current housing crisis in Ireland. While focusing on the credit union sector, this report also issues various recommendations to increase its long-term sustainability.
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