Trump tariffs could soften one of Europe’s most expensive housing markets—if Apple and Pfizer workers are hit with layoffs

A new report suggested that the complex housing market in Ireland may face a contraction if the Donald Trump’s commercial war for workers in the field of technology and drugs paid well in the country.

A new report issued by Myhome and Ireland Bank indicates that the Irish economy’s dependence on American multinationals can lead to a significant decrease in housing stock prices in the country in the event of tariffs and tax changes from the Apple and Pfizer home to financing discounts in Dublin.

The threat of Ireland in Trump’s violent reaction focuses on a mysterious controversy that has presented the country since its US -led transformation in the twentieth century: will Ireland’s citizens and its housing market be better without a well -paid multinational staff?

The twisted housing market in Ireland

In most cases, the economists of potential homes warn for the first time against Fatah Al -Shambania prematurely when news of low prices for homes strikes news.

Shocks on the demand for the housing market indicate a wider economic shrinkage, characterized by widespread demobilization and confidence that hinders homes in all fields.

However, in the case of the famous Irish economy, this may not be completely the case.

Ireland includes the headquarters of many multinationals, including Apple, Pfizer, Meta and Google, each of which employs thousands of Irish population.

As a result, American multinational companies represent 10 % of all private workers in Ireland. These companies, supported by billions of dollars in revenue, pay their employees in Ireland much higher than national averages. The 2023 report by the Irish economist John Fitzgerald found that the Irish multinationals driven by 37 billion euros (40.4 billion dollars), which represents a third of all wages in the country.

This dynamic, according to Konal McCwell, the chief economist at Bank Ireland, contributed to the housing market that cannot be affected in Ireland. The average house prices in Ireland are now eight times the average income of 51,000 euros ($ 55,800), according to the Myhome report, the largest gap since 2009.

Trump’s commercial war, and high -wage jobs can help reset this dynamic.

“The relatively high housing market in Ireland, which depends on those on the top of income distribution, can be subjected to a surprising negative economic shock, such as the threat of a war of tariffs of the United States and the European Union, especially if it will strike the work in an inconsistent manner in the multinational sector.”

Trump has practiced restraint so far when it comes to the comfortable relationship of Ireland with American multinational companies, despite Gooing Taoiseach Micheál Martin on the country’s attractive companies. The pharmaceutical imports of the United States, many of which are shipped from Ireland, were excluded from the Trump’s “Liberation Day” attack, with US president’s inconvenience to Ireland currently with the European Union’s membership.

However, with the United States registering a $ 50 billion deficit with Ireland last year, this is not a permanent situation.

The idea that Ireland will achieve a more fair housing market by sacrificing its high -wage technology and drug workers is dangerous thinking.

In a report in January, the Stock Stock Exchange in Dublin said that Ireland’s dependence on American multinational companies means that the country faced threats from Trump’s presidency similar to the repercussions of Britain’s exit from the European Union in the United Kingdom.

For a good reason. The share of multinational staff from eating wages in Ireland means that they have a significant impact on the rest of the economy.

While the country’s gross domestic product numbers were excessively deviated due to the presence of multinationals in which profits were restored and patents, they are still a major contribution to the economy in the country. It is unlikely to enhance the migration of strong foreign players, as well as the broader economic challenges of the trade war, the chances of many Irish population in owning a house.

The show crisis in Ireland

Instead of clearing multinational workers in the country, most aspects of the discussion agree that the policies of the show side are the best way to address the housing crisis in Ireland.

The housing market in Ireland was shocked by the abundance of supply, which exacerbates any problems by demand made by multiple employees in the country.

In September, the Central Bank of Ireland expected that the country would need to build up to 52,000 homes annually to deal with the demand, an increase of 20,000 homes from the level of 2023.

“Since the threat of the trade war with the United States is looming on the horizon, our dependence on some sectors of the economy will lead to a sharp focus. The housing market is exposed to any economic winds, so it is necessary to limit the government to influence if this is possible while continuing to increase housing supplies,” he said, he said, he said, he said, he said, he said, he said, he said, he said, he said, he said, he said, he said, he said, he said

The next StormClouds in Ireland is a warning to other European cities with a group of technology workers in the Silicon Valley.

Zurich, a home of an estimated 5,000 Google employees, also known as Zooogles, is one of the most expensive housing markets in Europe. Some blame has been placed on Zoogles, who occupy a lot of city stocks of high -quality apartments with a single bed.

This story was originally shown on Fortune.com

2025-04-08 12:50:00