The latest GeoDirectory Residential Buildings Report for Q4 2024 reveals a significant increase in new residential address points, alongside a record low national vacancy rate. Here are the key highlights and insights from the report.
Record Increase in New Residential Address Points
In 2024, a total of 34,686 new residential address points were added to the GeoDirectory database, marking a 20.7% increase compared to 2023. This surge translates to an additional 5,944 addresses. Dublin led the way, accounting for 38.1% of the new address points, followed by Cork (10.8%), Meath (5.7%), and Kildare (4.7%).
Speaking about the findings, Dara Keogh, CEO of GeoDirectory, said, “There was a substantial increase in the number of residential address points added to the GeoDirectory database throughout 2024. The number of buildings under construction has remained relatively stable, indicating that the strong pipeline of new homes will continue into 2025.”
Slight Decline in Construction Activity
Despite the increase in new addresses, the number of residential buildings under construction saw a slight decline. As of December 2024, there were 22,251 buildings under construction, a 2.3% decrease from December 2023. Dublin had the highest share of buildings under construction (18.7%), with significant activity also in Cork, Kildare, Meath, Louth, and Galway. Conversely, Longford, Leitrim, and Roscommon had the lowest construction activity.
National Vacancy Rate Hits Record Low
The national vacancy rate continued its downward trend, reaching a new low of 3.8% in Q4 2024, a 0.1 percentage point decrease from Q4 2023. The vacancy rate fell in 19 out of 26 counties. The highest vacancy rates were in the west of Ireland, with Leitrim (11.8%), Mayo (10.6%), and Roscommon (10.3%) leading. Dublin had the lowest vacancy rate at 1.2%, followed by Kildare (1.5%), Waterford (2.1%), and Carlow (2.5%).
Annette Hughes, Director of EY Economic Advisory, commented on the continued decrease in the national vacancy rate, stating, ““The latest GeoDirectory report spotlights a continuing and encouraging downward trend in both national vacancy and dereliction rates, as our growing population and policy initiatives are having an impact. More broadly while the number of new address points increased significantly last year, it will be critically important going forward to ensure the right policies, housing supports and infrastructure are in place to accelerate the delivery of housing supply for all tenures in the right locations.”
Derelict Properties Decrease
The report also noted a decline in derelict properties. In Q4 2024, 20,092 residential address points were classified as derelict, a 3.3% decrease from Q4 2023. Mayo had the highest concentration of derelict properties (14.0%), followed by Donegal (11.6%) and Galway (8.8%).
Rising Residential Property Prices
Residential property prices saw a notable increase across all counties. The average price rose by 7.2% to €399,763 between November 2023 and November 2024. Dublin recorded the highest average property price at €565,351, with Wicklow (€488,829) and Kildare (€412,839) also exceeding the national average. The lowest prices were in Leitrim (€188,385), Longford (€190,000), and Roscommon (€205,333).
Increase in Property Transactions
There were 46,894 residential property transactions in the twelve months to November 2024, with 51% of these transactions for new dwellings. This indicates a robust market for new residential properties.
The GeoDirectory Residential Buildings Report for Q4 2024 highlights a dynamic year for the residential property market in Ireland. With a significant increase in new address points, a record low vacancy rate, and rising property prices, the market shows strong growth and resilience. As construction activity continues and vacancy rates decline, the outlook for 2025 remains positive.
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Posted: 18/02/2025 06:13:48