Around 52,000 new homes needed per year until 2050 due to pent-up demand, says Central Bank [Video]

THE CENTRAL BANK has estimated that around 52,000 new homes could be needed per year until 2050.

That’s around a 20,000 increase on the 32,695 new homes completed last year.

It’s also a 20,000 increase on the Housing for All strategy estimate that Ireland needs an average of 33,000 new homes to be provided each year to 2030.

As part of its Quarterly Bulletin, the Central Bank of Ireland has today published a report titled “Economic policy issues in the Irish housing market”. 

The Central Bank said its 52,000 per year estimate is the result of “pent-up demand for housing and an increased housing need for our growing population over the coming decades”.

In the report, the Central Bank said that for over a decade after the financial crisis, supply of new homes was below estimates of underlying demographic demand from population growth and migration.

This created pent-up demand that has yet to be met and “exists alongside an increased housing …