According to the latest Eurobarometer survey, housing is considered the most important challenge by 61% of Irish people, which is significantly higher than the European average of 10% for their respective countries. The cost of living follows as the second concern for 44% of Irish individuals, while healthcare takes the third spot for 27% of the population.
Interestingly, the survey reveals that Irish people have a different perception compared to their European counterparts regarding the biggest issue facing the EU. Irish respondents prioritize immigration as the top concern, whereas Europeans generally point to the cost of living crisis as the bloc’s primary issue.
Within the EU, 33% of the surveyed Irish population identified immigration as the most important EU issue, compared to 24% of Europeans. Conversely, immigration ranked third for other EU citizens, with the cost of living crisis and the international situation taking precedence.
Furthermore, when it comes to the EU, the cost of living emerges as a close second for Irish individuals, with 31% considering it the most important issue. This percentage slightly surpasses the European average of 27%.
Irish people also highlight the international situation and energy supply as the third and fourth most important issues for the EU, respectively.
The survey indicates that while housing pressures exist across various EU countries, Irish people exhibit greater concern in this area. This coincides with the recent revival observed in the Irish construction sector, following ten months of contraction reported by BNP Paribas Real Estate Ireland. Additionally, MyHome.ie’s latest property report indicates a cooling of house prices, although economist Conall MacCoille from Davy predicts a 1.5% asking price inflation for the year.
Over the past decade, house prices experienced the most significant growth in Estonia, Hungary, Luxembourg, Latvia, and Austria, more than doubling between 2010 and 2021. Conversely, Italy, Cyprus, and Spain saw house prices decline during the same period due to banking or real estate crashes following the 2008 financial crisis, alongside Ireland.
Comparatively, Irish house prices remain high in relation to other EU countries, standing 94% above the EU average in 2021. Rent prices, on the other hand, have increased by 16% across the EU, with Ireland ranking third (+68%) after Estonia and Lithuania, where rents more than doubled.
According to Eurostat, overall inflation in Ireland during this period was one of the lowest within the EU.
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