Solving Ireland’s housing crisis: Alan Merriman shares five bold strategies for lasting impact
Alan Merriman, Co-Founder & CEO of Elkstone
There is no silver bullet to solving Ireland’s chronic housing shortage. It’s a complex issue that needs urgent action across a multitude of areas including planning reform, infrastructure development, and regulatory frameworks, and all at once.
Alan shares five key suggestions to solving Ireland’s housing crisis with the Business Post:
Remove Uncertainty in the Housing Sector
Streamline the development process by reducing delays and friction. A dedicated government unit could lead efforts to identify and eliminate obstacles, making Ireland more attractive to housing investors.
Create an ‘IDA for Housing’
Establish a government agency focused on attracting international capital for housing development, similar to Ireland's IDA (Industrial Development Authority). This agency would promote investment, improve public understanding of its benefits, and provide feedback to policymakers.
Revise Rental Caps
While rental caps offer certainty, they also restrict new housing supply. A more balanced approach is needed to encourage investment, protect against inflation, and ensure the construction of more rental properties, particularly for institutional investors.
Encourage Public-Private Partnerships
Public and private sector collaboration is crucial. More initiatives like the Land Development Agency and the Ireland Strategic Investment Fund are needed to unlock development sites and attract investment, especially in projects like student accommodation.
Empower Retail Investors
With significant capital sitting in savings accounts, incentivising retail investors to fund Irish housing could provide a solution to capital shortages. Smart tax policies and real estate investment vehicles can help diversify wealth while addressing housing needs.