Are Central Bank mortgage rules containing home prices or fuelling crisis?

Lack of supply and undeveloped rental market key factors in house price growth

About 22,000 houses and apartments will be built this year and 27,000 in 2022, according to Banking and Payments Federation Ireland estimates. Photograph: Chris Ratcliffe/Bloomberg

About 22,000 houses and apartments will be built this year and 27,000 in 2022, according to Banking and Payments Federation Ireland estimates. Photograph: Chris Ratcliffe/Bloomberg

For Stefan Gerlach, the Swedish-Swiss former Central Bank of Ireland deputy governor, the big problem in the Irish residential property market is as glaring today as when he left Dublin almost six years ago.

“I’ve had a lengthy career but never owned a house in my life,” says the now chief economist with Swiss private bank EFG Bank, as he gets up in the middle of a FaceTime interview to give The Irish Times a virtual tour of the modern, three-bedroom apartment, with postcard countryside views, that he has rented for the past six years 15km from Zurich.

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