Commercial property specialists, CBRE, have released their latest ViewPoint report which focuses on demographic trends impacting the residential sector of the Irish economy and property market.
According to CBRE, new Government budgetary measures as well as actions by the Department of Housing are going to impact residential development.
The report discusses the change in population from 2011 to 2016 which grew by 3.8% during the short time period.
For the first time since 2009, net inward migration was positive in 2016, with 15% more immigrants to the state and 6.2% less outward migration, year-over-year.
According to the report, the residential property sector is at a pivotal stage in Ireland, with housing demands growing at a rapid rate due to changing demographics and evolving living preferences.
However, it varies by age group, as the various stages of life require different housing needs. For example, single people who are between the ages of 20 and 35 are likely to seek out rental apartments, while couples with children are more inclined to reside in single-family homes that they own.