Close

Follow Lovin Dublin

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:

Join the Lovin Dublin Newsletter

* indicates required

Interests

Marketing Permissions

Please select all the ways you would like to hear from Lovin Media Group:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here.