Europe is facing a severe housing crisis, with nearly a quarter of citizens considering emigration for more affordable living. Ireland is one of the hardest-hit, with 33% of residents planning to move abroad. A survey found 20% of Europeans are struggling to meet housing costs, rising to 37% who are just coping. Ireland's limited housing supply is strained by an influx of tech companies, driving up rents. Rising mortgage costs also squeeze homeowners. Without action to boost housing, Ireland's economic gains risk being offset by a new wave of emigration, as residents seek more affordable lives overseas.
Europe is in the midst of a severe housing crisis, with a significant portion of citizens across the continent contemplating emigration in search of more affordable living options. A large-scale survey of over 20,000 renters and homeowners, conducted by Opinium for RE/MAX, reveals that nearly a quarter of Europeans are considering relocating abroad due to diminishing housing affordability.
Ireland emerges as one of the hardest-hit countries, with 33% of Irish residents planning to move overseas - the second-highest rate in Europe, behind only Malta. The survey found that a fifth of respondents across Europe are struggling or severely struggling to meet their housing costs, while another 37% are barely managing. In Ireland, the proportion of people grappling with housing affordability is among the highest in Europe. This affordability crisis may signal a new wave of emigration from Ireland, which has a long history of mass departures, including during the 1845-1852 famine and the post-"Celtic Tiger" economic collapse in the late 2000s. Despite Ireland's current economic growth and budget surplus, the rise in population driven by the influx of multinational tech companies has severely strained the country's limited housing stock. The central bank estimates that Ireland needs to build 52,000 homes annually to meet demand, but the government has struggled to expand housing supply. As a result, Dublin's average monthly rent has reached EUR 1,829, and homelessness has reached a record high of nearly 14,500 people as of January.
The housing crisis in Ireland, and across Europe, is exacerbated by rising living costs, including a sharp increase in mortgage expenses due to climbing Eurozone interest rates. 4 in 10 European respondents reported cutting back on dining out and vacations to keep up with these rising costs, a trend that may partly explain the decline in flight demand observed this year. Without urgent intervention to address the housing shortage, Ireland's economic gains risk being offset by a significant outflow of residents seeking more affordable living options abroad. The inability of governments across Europe to expand housing supply effectively threatens to undermine the continent's economic progress and social stability, potentially leading to a new wave of emigration from countries like Ireland.
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