housingcrisis
Year-on-year residential property prices in Ireland have continued to accelerate, according to the country's Central Statistics Office (CSO). The national Residential Property Price Index (RPPI) recorded an annual rise of 6.1% in the 12 months leading up to February 2024. Prices in Dublin climbed by 5.6%, while areas outside the capital saw an even higher rise of 6.5%. Last month, the Economic and Social Research Institute warned the Oireachtas Committee on Budgetary Oversight that Ireland's property prices were likely to continue rising in the near future, because of both low investment and a...
Euronews (English)
Several western European countries have seen their citizens' satisfaction with public services falling since 2011, according to a survey by Gallup. The UK suffered by far the largest fall on Gallup's Community Basics Index, from 79 to 67 out of a possible 100 points – followed by countries such as Ireland (76 to 70), Germany (79 to 73), and Luxembourg. Yet other countries' numbers either held steady or increased slightly. France and the Netherlands stalled at 70 and 76 respectively, while Belgium increased from 69 to 71 and Austria from 78 to 79. The survey tracks public perception of basic co...
Euronews (English)
The housing shortage in Ireland means that up to 58,000 new units are going to be needed in Ireland each year between now and 2027, according to estate agents Knight Frank and reported by RTE and the Irish Times. The number rises even further, to almost 62,000, when taking into account another 4,000 spaces needed for students, said the group. Of the 58,000 annual total, the report says, 32,000 properties should be for first time buyers or families while some 10,000 homes will be needed annually for those aged 75 and over. The report says 9,000 homes should be created for those in the 65 to 75 ...
Euronews (English)
Ireland house prices could continue rising for the near future, the Economic and Social Research Institute (ESRI) has warned the Oireachtas Committee on Budgetary Oversight. This is mainly due to low investment and rapidly increasing population, causing demand to overtake supply. According to Ireland's Central Statistics Office, only 66% of Irish houses are owner-occupied, a significant fall from about 79% in 1991. Data from the Residential Tenancies Board and ESRI estimate the average Dublin rent now to be about €2,102. In its opening statement, the ESRI, as reported by The Irish Times, said:...
Euronews (English)
The price of an apartment in Istanbul is now in close competition with those in infamously expensive cities such as Paris and London, as figures show that Turkish house prices are 12 times higher than they were nine years ago in nominal terms. Among OECD member states, northern European countries such as Sweden and Finland have seen the smallest change, with more than 4% increases in nominal housing prices since 2015. On the other end of the scale sits transcontinental Turkey, followed by Hungary, where prices are 166% more than they were in 2015. The majority of OECD countries saw their house...
Euronews (English)
Mortgages that require longer-loan repayments are becoming increasingly popular in the UK, according to the banking association UK Finance. Up until recently, the average length of a mortgage in the UK has been 25 years. In December, 23% of first-time buyers took out mortgages longer than 35 years, compared with 11% of non-first time buyers, data released by the group revealed. Just a year ago, the proportion of people buying their first home who took out loans over 35 years was 17%, up from 9% in December 2021. UK Finance is warning that this trend is driven by affordability issues, as the lo...
Euronews (English)
The Turkish economy continues struggling with sky-high inflation. The year-on-year headline inflation rate touched 64.86% in January, up from December's 64.77% and more than analyst estimates of 64.52%. It was also the highest figure since November 2022. Month-on-month inflation came in at 6.7%, a large step up from December's 2.93%, as well as slightly above market consensus of 6.49%. However, core inflation for the month of January, which excludes volatile food and energy prices, clocked in at 70.48%, down from 70.64% in December. Utility and housing prices continue to soarHousing and utilit...
Euronews (English)
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