How many years of salary buys a home in Ireland vs EU?

The dream of homeownership in Ireland has become increasingly distant, with the cost of a house in Dublin now demanding nearly 10 times the median annual salary. This stark reality contrasts sharply with 1995, when a home cost approximately five times the average annual earnings.

Over the past three decades, Dublin's property market has seen median house prices skyrocket five-fold to €472,000. While median annual salaries in the capital have grown 2.9-fold to €49,224, this growth has been outpaced by inflation in housing costs, significantly hardening the path for prospective homeowners.

Ireland's affordability crisis is not unique within Europe. Cities like Amsterdam, Athens, and Prague present even greater challenges. According to Deloitte's property index, purchasing a home in these capitals requires over 15 times the annual gross salary. Amsterdam, in particular, remains one of Europe's priciest markets, with new homes costing between €7,500-€10,000 per square meter.

Despite soaring prices, supply remains a key issue across the EU, especially in capital cities. While Ireland has become a European leader in delivering new homes in 2024, with 12.84 dwellings per 1,000 inhabitants, its overall housing stock remains among the smallest in Europe. On the other end of the affordability scale, cities like Turin and Zagreb offer more accessible markets, where buying a home requires five and seven times the yearly salaries, respectively.

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