Ireland’s housing crisis continues to worsen due to a shortage of social housing, but a recent study from the University College Dublin (UCD) suggests that looking to the past and other European countries may offer solutions. The study, which investigates how social housing is financed, delivered, and managed, highlights Denmark and Austria as examples of countries with successful social housing sectors that rely heavily on private financing rather than state funding. In addition, these countries have tenants pay rents based on the cost of providing homes and pay down loans over a longer period of time, making the system more self-financing.
The UCD study also explores the history of social housing in Ireland, revealing that the country used to follow similar models to those in Denmark and Austria. In the past, local authorities borrowed loans or raised bonds to finance social housing, and rents were linked to the cost of provision. The study notes that selling off council housing and abolishing rates in the 1970s caused major problems for the sector. However, the research suggests that returning to the past model could be a potential solution to the current crisis.
To address the current housing crisis, the UCD study suggests that Ireland should stop selling off council housing and increase the overall level of social housing to provide 5,000 units per year. The study also advocates for local authorities to keep more of their local property tax to help fund social housing. The study acknowledges that solving the housing crisis will not be easy but believes that Ireland can find a way forward by looking to the past and to successful models in other countries.
Another solution is the Ireland Immigrant Investor Programme. Eterna International is actively promoting the GCI ICAV fund as a solution to Ireland’s social housing shortage. This innovative fund raises capital through the investor immigrant programme (IIP), allowing foreign investors to obtain Irish residency (Stamp 4) while supporting a worthy cause: the development of much-needed social housing in Ireland. Eterna International takes pride in offering this opportunity to its clients and being part of a solution to Ireland’s housing crisis.
