The Banking and Payments Federation Ireland (BPFI) warns that the projected completion of 75,000 homes in 2025 and 2026 falls well short of the required 50,000 homes annually. Recent figures showed a stark decline in new home commencement notices, with just 1,017 filed last month, the lowest for February in a decade. Issues such as labor productivity, land availability, and funding are hindering progress. The report also highlighted a significant drop in apartment completions, which accounted for most of the shortfall in new homes, raising doubts about future housing targets.
"The Banking and Payments Federation Ireland (BPFI) report indicates that while 75,000 homes could be completed in 2025 and 2026, this figure falls significantly short of the annual target of 50,000 homes necessary to meet housing needs."
"Last month, the number of commencement notices fell to only 1,017—markedly down from the previous year's high of 3,715, indicating serious challenges in starting new housing projects."
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