Fianna Fáil Dublin North West General Election candidate, Cllr Paul McAuliffe has expressed concern that Dubliners are facing into a second property bubble, as the prospect of home ownership disappeared for more and more ordinary working people.
The Ballymun based Councillor recently carried out a comparative study of data from Daft.ie, Myhome.ie and the Dublin Economic Monitor which found that some properties in the Finglas area are being sold for prices in excess of €500,000.
Commenting on the information, former Chairperson of the Dublin City Enterprise Committee said, “The distinct lack of housing development or steady supply of new builds has severely hampered the affordability of living in Dublin. That fact is made even more apparent in this month’s Daft Report which reveals that private rental prices have risen by a further 12.5% across Dublin.
“Based on current trends, house prices in Dublin 11 will increase by another 10% by the end of this year and will surpass Celtic Tiger prices within the next 18 months.
““Dublin City Council is actively purchasing the limited number of second hand and new units on the market in D9 and D11 to provide much needed and important public housing. However, without an increase in overall supply this is pricing out local families hoping to settle in the area and is putting additional pressure on an already stretched market.
He concluded, “It’s crucial that we learn from the lessons of the past and at this point it is glaringly obvious that the approach much change. Urgent measures are needed to alleviate this pressure on people wishing to settle and make a future in our city and I am working with the Fianna Fáil Spokesperson on Housing, Darragh O’Brien TD to help develop the sort of radical approaches that are needed.”