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Europe's housing crisis has reached a tipping point, with nearly a quarter of citizens considering emigration for affordability, according to a survey of 20,000 Europeans by Opinium for RE/MAX. Ireland is among the hardest hit, with 33% of residents contemplating relocation as soaring rents and a housing shortage strain affordability. Despite Ireland's economic revival through foreign tech investment, demand has vastly outpaced supply, leaving Dublin's average rent at EUR 1,829 per month. Record-high homelessness and rising mortgage rates, driven by Eurozone interest hikes, are forcing many to tighten budgets, cut leisure spending, and consider relocation as affordability worsens.
Europe's intense housing crisis has nearly a quarter of citizens contemplating emigration for a more affordable lifestyle, with Ireland among the hardest-hit countries, according to a large-scale survey of renters and homeowners. The survey, conducted by Opinium for RE/MAX and including 20,000 Europeans, revealed that 33% of Irish residents are considering relocation abroad due to diminishing housing affordability-a rate second only to Malta across Europe. Advertisement
According to the RE/MAX survey, a fifth of respondents reported struggling or severely struggling to meet housing costs, while another 37% said they were just managing to cope. In Ireland, the proportion of people struggling with housing affordability ranks among the highest in Europe. Emigration has long shadowed Ireland's history, beginning with the mass departure of 2.1 million people during the 1845-1852 famine. More recently, financial pressures reignited emigration following the "Celtic Tiger" economic collapse, with 386,100 leaving between 2009 and 2013. Despite Ireland's current economic growth and budget surplus, this affordability crisis may signal a new wave of departures.
Ireland revitalized its economy after the financial crisis by attracting U.S. tech giants like Meta, Google, and Apple to establish European headquarters in the country, aided by competitive corporate tax rates. This strategy brought substantial investment and high-paying jobs, boosting Ireland's GDP. However, the surge in population has severely strained Ireland's limited housing stock. According to the central bank, Ireland needs to build 52,000 homes annually to meet demand. Meanwhile, residents are feeling the squeeze as Dublin's average monthly rent reaches EUR 1,829. Homelessness has also risen since mid-2021, reaching a record high of nearly 14,500 people in January.
RE/MAX's Polzler pointed to a common issue across Europe: governments' inability to expand housing supply. According to RE/MAX's survey, a large majority of European homeowners are now cutting back to keep up with rising mortgage costs. With Eurozone interest rates climbing to a near-peak of 4.5% in 2023 amid double-digit inflation, mortgage expenses have increased significantly, often driving up rental prices as well. Four in 10 respondents reported reducing expenses on dining out or vacations, a shift that may partly explain this year's decline in flight demand.
As Ireland grapples with an escalating housing crisis, rising living costs and inadequate housing threaten to spark a new wave of emigration. Without urgent intervention to expand supply, Ireland's economic gains could be offset by a significant outflow of residents seeking a more affordable life abroad.
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