GeoDirectory Q2 2025 Residential Buildings Report: Supply Rising, Vacancy Falling, Prices Up
Ireland’s housing market continues to undergo rapid change, with construction activity, affordability, and regional disparities shaping the conversation for businesses, policymakers, and communities alike.
The latest GeoDirectory Residential Buildings Report (Q2 2025), prepared by EY Economic Advisory, reveals key developments across housing supply, pricing, and vacancy rates.
New Supply: Over 33,000 New Addresses Added
A total of 33,002 new residential address points were added in the twelve months to June 2025 — a 5.2% increase year-on-year. More than half (53.2%) were located in the Greater Dublin Area, with Dublin alone accounting for 12,762 (38.7%). Cork (3,363), Meath (1,830), and Kildare (1,747) followed as the next most active counties.
Commenting on the figures, Dara Keogh, CEO of GeoDirectory, noted:
While we’ve seen a significant increase in new residential address points, which is a testament to ongoing construction and development, the market continues to navigate complex issues.
Construction Trends: More Homes in the Pipeline
The report found that 23,869 residential buildings were under construction across the country in June 2025, a 9.2% increase on the previous year. Dublin (3,979) and Cork (2,876) led the way, while Longford and Leitrim had fewer than 150 buildings combined.
According to Annette Hughes, Director at EY Economic Advisory:
Data on the number of residential buildings under construction is positive and, looking ahead, continued collaboration between public and private sectors will be important to sustaining momentum on housing supply.
Vacancy and Dereliction: Gradual Improvement
The national vacancy rate fell to 3.7% in Q2 2025, with 80,328 vacant homes recorded. Vacancy was lowest in Dublin (1.1%), Kildare (1.6%), Waterford (2.1%), and Carlow (2.5%), while the highest rates persisted in Leitrim (11.9%), Mayo (10.6%), Roscommon (10.1%), Donegal (9.0%), and Sligo (8.4%).
Derelict homes also declined, with 19,821 properties classified as derelict, down 2.9% from last year. Connacht accounted for 38.2% of all derelict stock, with Mayo, Donegal, and Galway leading.
Annette Hughes (EY) added:
The latest GeoDirectory data finds that vacancy rates have fallen in 17 counties and there has been a 2.9% drop in derelict properties nationally, reflecting a broader trend of improved utilisation of existing stock as more homes are being brought back into use.
Prices and Transactions: Rising Costs, Falling Volumes
The average national property price was €420,469 in May 2025, up 9.8% year-on-year, with increases recorded across all 26 counties. Dublin remains the most expensive at €585,754, while Leitrim is the most affordable at €204,323.
At the same time, property transactions fell by 1.6% YoY to 47,927 nationally, with only three counties recording increases. The busiest markets by Eircode were Limerick (V94, 1,549 transactions), Cork Southside (T12, 1,302), and Galway (H91, 1,300).
Dara Keogh (GeoDirectory) highlighted the challenge:
"We continue to see low levels of vacancy in the residential property sector at 3.7% and average house prices continue to rise, now at €420,469. This reflects persistent demand, even as we observe a slight decrease in overall property transactions.”
Affordability: Renting Still More Expensive Than Buying
The report found that the average mortgage repayment for a new dwelling (€1,809) remains lower than the average rent (€2,023). Nationally, this means it is cheaper to buy than rent for first-time buyers of new homes.
However, affordability varies in 11 of 31 local authorities, renting is still more affordable than buying new builds. In contrast, buying an existing home remains more affordable than renting across all local authorities.
What This Means for Businesses and Policymakers
For businesses, housing affordability and regional availability remain critical to workforce mobility and long-term investment. For the public sector, continued progress on vacancy and dereliction is encouraging, but sustained collaboration with developers will be vital to keeping supply pipelines healthy.
Complete the below form to download the full GeoDirectory Q2 2025 Residential Buildings Report for detailed county-level insights, analysis, and forecasts.