Close

Follow Lovin Dublin

  • Home /

  • Property /

  • Dublin Housing Crisis 'Set To Worsen' If €79m European Agency Deal Goes Ahead

Dublin Housing Crisis 'Set To Worsen' If €79m European Agency Deal Goes Ahead

By mariemadden

August 2, 2017 at 8:34am

Share:

It's hard to imagine the housing crisis getting any worse that it currently is but that's the prediction from Savills Ireland, who have expressed concern over a €79m industry bid that is currently in the works.

According to Dublin Live, the Government is attempting to convince the European Medicines Agency to relocate to Dublin when it leaves its London office post-Brexit in 2019.

However, if the deal goes ahead, 900 staff working at the agency would also be moving to the city and the property company has warned that this could push house prices even higher in the capital.

"One way or another we have a finite amount of stock available for sale and for rent and that's not going to change in the short term," Director Of Research John McCarthy told the The Times Ireland Edition.

"The likely outcome is probably displacement of existing people who would otherwise have taken those properties but you have to look at it in the common good, there are a lot of other countries competing for this agency."

If successful, the bid could be worth €180 million a year.

READ NEXT: An Actual Dublin Tipi Is Available To Rent In Dublin

Share:

Subscribe to our Newsletter

Get the best of your city straight to your inbox.

I'd like to receive news and exclusive offers from Lovin Dublin including competitions, products, commercial partners and activities. By submitting this form you agree to our T&Cs and our privacy policy