Nine years after a devastating crash in property prices catapulted the party of ...
DUBLIN - Nine years after a devastating crash in property prices catapulted the party of Irish Prime Minister Leo Varadkar to power, a housing market recovery too rapid for many threatens to dump it into opposition at this week’s general election.
A scarcity of housing has become the defining issue of the campaign, with daily stories of low-income families stuck in temporary accommodation such as hotels waiting for social housing and workers in their 30s living with their parents. “He’s got a good wage, he saves his money but he can’t afford to step onto that ladder. A man that age should have his own place,” said McCormack, who plans to vote for Sinn Fein.Mortgage-holders bore the brunt of Ireland’s property crash in 2008, when house prices more than halved. That led to all Irish banks but one being nationalized and an international bailout - followed by Fine Gael’s election victory in 2011.
“There’s no doubt the lack of available rental accommodation has become a real burning election issue,” said Sinn Fein housing spokesman Eoin O Broin. Fine Gael argues that opposition promises are unrealistic and some could push private investment out of the market.
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