To put that into perspective, there is around 1.5 million household in Ireland. So this represents more than 20% of present demand for housing and is spare capacity. OK, there is likely to be some mismatch in terms of type of accommodation and/or location wanted versus available, but that is a second order concern when you consider the amount of excess supply. And excess supply in economic terms generally means only one thing; lower prices and poor returns (if any).
A survey from the Irish Brokers Association has today found that the number of buildings left vacant in Ireland rose 150pc from 140,000 last year to 350,000 today.
In this case the "long-term economic value" of these assets could be far, far less than people think.