The Daily Star Ireland
Stockbrokers Davy have projected that 34,000 new homes will be completed in Ireland this year, representing a slight increase compared to the 32,695 homes finished in 2023. Looking ahead, they anticipate a significant rise in home completions next year, forecasting 42,000 homes to be built, with 50,000 expected in 2026.
According to Davy’s report on the Irish economy, over 59,000 housing units, including many apartments, were started in the 12 months leading up to October 2024. While these will not contribute to the 2024 completion figures, they are likely to increase the number of homes finished in 2025 and 2026. Davy pointed out that apartments generally take longer to complete than houses, creating a delay between the start of construction and the final completion.
Experts believe that Ireland will need more than 60,000 new homes annually to meet the demands of population growth and address the housing shortage experienced in recent years. Davy also expects house prices to continue rising.
In its updated economic forecast, Davy predicts 4% growth for both next year and in 2026. While the firm anticipates continued foreign direct investment (FDI) from US multinational companies, it raised concerns that potential changes in US tariffs, particularly under the Trump administration, could negatively impact pharmaceutical exports from Ireland and reduce overall corporate tax revenues.
Davy emphasized that FDI plays a crucial role in providing demand for highly skilled labor in Ireland, noting that employees in foreign-owned firms typically earn higher salaries—€77,500 on average—compared to those working in domestically owned companies, where the average income is €59,000.
