More than 20,000 new homes will be needed in Dublin city centre over the next nine years if demand trends continue at their current rate, a new report by economist Dr Peter Bacon claims.
In his report, Medium Term Projections of the Supply and Demand for Apartments in Dublin City Centre, Dr Bacon bases his conclusions on last year's census which shows the city centre population increased by 22.9 per cent since 1996 - an increase of 11,700.
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The report says if sufficient housing is provided then the rate of migration to the city centre can continue. Current projections indicate that by 2012, the population will grow a further 38,560 - an increase of almost 44 per cent over 2002.
The report for property developers, Treasury Holdings, says rental values will remain high. "Good news to developers and investors alike," Treasury Holdings says.
The report notes the low age profile of those moving to the city centre and, in particular, the amount of young, single, childless, well-paid women.
The study estimates that around 21,900 new housing units will be required to meet demand up to 2012 and identifies current capacity for building at around 19,000.
Dr Bacon has compiled three Government-commissioned reports on the property market in Ireland.