Taoiseach Enda Kenny has said there is a pressing need to build more houses in Dublin to ease pent-up demand that has pushed up the price of some properties in the city by as much as €30,000 in a single weekend.
In New York, on the final day of a week-long visit to the US for St Patrick’s Day, Mr Kenny told a business gathering that the rate of construction would have to pick up radically to restore normal market conditions.
“If you had 30,000 three-bedroom detached houses in Dublin you’d sell them all in a week. That’s the pent-up demand that’s there,” he said.
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“During the so-called Celtic Tiger years we were building between 80,000 and 100,000 houses, when we only needed 25,000. Now you need 25,000 or 30,000, and you’re building 6,500 or 7,000.”