Assessing the impacts of COVID-19 on the Irish property market: An overview of the issues
This QEC Special Article was subject to refereeing prior to publication. The authors are solely responsible for the content and the views expressed.
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In this paper we examine some of the potential channels through which COVID-19 is likely to impact the Irish housing market and discuss some policy areas which may need refocusing or re-evaluation. Building on existing work by ESRI researchers, we examine the implications under the headings of housing demand, housing supply, affordability of prices and the rental market. While there is likely to be a significant number of effects across a wide variety of headings, the most long-lasting impact of the crisis is the potential exacerbation of the imbalance between housing demand and supply which already exists in the market. The most efficient policy response in that context is for an increase in the State provision of social and affordable housing over the short to medium term.