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Institutional Investment in Social Housing in Dublin City: Potential Solutions to Encourage Institutional Investors to Deliver Social Housing to the Dublin City Market

Courtney, Emma (2018) Institutional Investment in Social Housing in Dublin City: Potential Solutions to Encourage Institutional Investors to Deliver Social Housing to the Dublin City Market. Masters thesis, Dublin, National College of Ireland.

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Abstract

The residential real estate investment market in Ireland has gained interest from both institutional investors and Real Estate Investment Trusts (REITs1) in recent years and has begun to form part of their real estate asset portfolios. This is evidenced in the increasing percentage of investment spend on residential investment assets in Ireland, approximately 26% in the first half of 2018 up from 13% for the full year in 2012. Residential investment to date has been in private housing, and other than Part V housing, investors have not invested directly in social housing. In Dublin City the supply of new social housing is currently one unit for every 9.88 persons on the social housing wait list which is nearly four times higher than Ireland’s average household size of 2.75 persons per household.

The author’s aim is to research the relationship between the social housing needs of the current population in Dublin City, the policy framework in place to supply social housing and the potential role of institutional investors and REITs.

The current mechanisms for the delivery of social housing to the Dublin City market were found to be predominantly debt financing of housing associations and local authorities with little scope for institutional investors to invest directly in social housing assets.

The results of development appraisals comparing a private housing scheme with a social housing scheme highlight the need for incentive mechanisms to be introduced to encourage institutional investors to participate in the direct acquisition of social housing schemes. Changes to policy at Government level are required if a mechanism to deliver social housing by institutional investors and REITs is to be introduced with the aim of alleviating the supply demand imbalance currently witnessed in the Dublin City market.

Item Type: Thesis (Masters)
Subjects: H Social Sciences > HD Industries. Land use. Labor > Housing
H Social Sciences > HG Finance > Investment
Divisions: School of Business > Master of Science in Finance
Depositing User: CAOIMHE NI MHAICIN
Date Deposited: 30 Oct 2018 13:14
Last Modified: 30 Oct 2018 13:14
URI: http://trap.ncirl.ie/id/eprint/3357

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