This is according to Barry O'Dwyer, Associate Director of the Sustainable Futures department in KPMG. Mr. O'Dwyer claims "the stark reality is there is going to be increased resistance from insurance companies to underwrite properties".
The Office of Public Works has stated that coastal areas such as Swords, Malahide, Howth, Clontarf and Portmarnock will be most affected. Insurance companies are becoming wary of insuring properties in these areas since there is an ever-increasing threat of flooding.
This increased possibility of flooding will create a risk for homeowners of having to pay for the damage caused by flooding themselves. This risk will undoubtedly make it more difficult for people to dispose of their properties.
Time will tell whether banks will become more reluctant to provide mortgage approval for the purchase of coastal properties. Banks will not want to take an equitable interest in properties that will be more susceptible to flooding.
A map has been created by Climate Central showing the areas in Dublin that are becoming increasingly susceptible to flooding.
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