Ireland is experiencing a rising challenge in the form of property costs, which is becoming increasingly difficult for US companies operating there. Housing has been identified as the main obstacle for US firms in Ireland, with 98% of companies surveyed finding it hard to secure housing for their staff. This difficulty was described as very or extremely difficult by 73% of respondents.
In recent years, property prices have increased significantly in Ireland. The national Residential Property Price Index (RPPI) saw a 5.4% increase in the 12 months leading up to January 2024, with prices in Dublin rising by 4.5% and those outside Dublin increasing by 6.1%. Despite this, the number of registered property purchases fell by 1.5% in January 2024 compared to January 2023, with the median price of a property purchased being €330,000. Since early 2013, property prices nationally have risen by an incredible 141.2%, with Dublin experiencing a similar increase from its lowest point in February 2012 and residential property prices outside Dublin now being 150.6% higher than their lowest point in May 2013.
Despite these challenges, nearly half of respondents to an American Chambers of Commerce survey indicated that overcoming the housing obstacle was crucial for their company’s growth in Ireland. The economic relationship between the US and Ireland brings in €41 billion annually and employs around 970 US companies that operate there, providing jobs for over half a million people across all states in America. Conversely, Ireland ranks as the ninth largest contributor of Foreign Direct Investment (FDI) to the US, with around 500 Irish companies creating jobs for nearly one hundred thousand individuals across all states in America
