GeoView Residential Report Q4 2016

21% of Residential Units Under Construction are in Dublin

Data indicates that the level of building activity in the State is considerably short of what is needed

Highlights:

  • 2,020,523 residential dwellings across the country as of December 2016.
  • Four counties, Dublin (21.3%), Cork (12.9%), Meath (7.7%) and Galway (6.7%), accounted for close to 50 per cent of all buildings under construction across the State, using GeoDirectory data.
  • Combining data on residential property from the 2016 CSO Census of Population, the GeoDirectory Database and the Department of Housing, Planning, Community and Local Government, the report finds that 34,416 residential transactions occurred between January and October 2016, contributing to a national turnover rate of 2.1%.
  • Dublin had the highest average transaction price (€393,833) in the country in the period January to October 2016, while the lowest average price was in Longford (€85,455).
  • A total of 9,996 commencements were notified across the State between January and October of 2016. 

DATE: 16/01/2016: 21.3% of all residential buildings under construction in Ireland in Q4 2016 were located in Dublin, according to the latest edition of the GeoView Residential Buildings Report. 4,910 buildings were classified as being under construction in the GeoDirectory Database in Q4 2016, up from the figure recorded in Q4 2015 of 3,957. Four counties, Dublin (21.3%), Cork (12.9%), Meath (7.7%) and Galway (6.7%), accounted for close to 50 per cent of all buildings under construction across the State. Building activity was weakest in Longford, Leitrim and Roscommon where only 54 buildings in total were under construction. The sixth report in the GeoView series cross references the 2016 CSO Census of Population, the GeoDirectory Database, and the Department of Housing, Planning, Community and Local Government to give a breakdown of residential property activity by county.

In the 12 months to December 2016, 13,842 dwellings were added to the GeoDirectory Database. This is a 17.5% increase on the 11,784 dwellings added in the previous twelve months to December 2015. However, we see from both the GeoDirectory data and the Department of Housing commencements data that the level of building is still significantly short of the ESRI estimate of annual housing demand of 26,000 to 30,000. 56% of the additions to the database were in the Greater Dublin Area.

The GeoDirectory database found that there were 2,020,523 residential dwellings across the country. The database distinguishes between a ‘dwelling’ which is a single residential unit as opposed to a ‘building’ which can comprise one or more dwellings.

A total of 9,996 residential units were notified as commencements between January and October of 2016, using data from the Department of the Environment, Housing, Community and Local Government. Dublin accounted for 33.4% of this total. Commencements provide a good indication of the pipeline of new supply and, on an annual basis, are close to the total additions to the stock over the past twelve months.

The GeoView report also provides a breakdown of dwellings by type in Ireland. Detached dwellings accounted for the largest proportion at 38% of the total housing stock, with apartments accounting for 9%. Using CSO data from the 2016 Census of Population, it is possible to provide a breakdown of housing stock between occupied households, holiday homes and vacant dwellings, by county and city council area. Coastal counties, which would be popular tourist locations, have the highest percentage of holiday homes, with Donegal (13%), Kerry (11%), and Wexford (10%) all having notable proportions. Leitrim had the highest proportion of vacant dwellings, at 21 per cent, followed by Roscommon (18%) and Mayo (17%).

By combining data on residential property transactions from the CSO and stock levels from the GeoDirectory Database, an estimate of the rate of housing turnover can be ascertained. The average national housing turnover rate has changed little in recent years, with a rate of 2.1 per cent currently, compared with a turnover rate of 2.2 per cent in 2015 and 2 per cent in 2014. The counties with the highest turnover rates are Dublin (2.5%), Westmeath, Waterford and Kildare (each 2.4%) and Leitrim (2.3%). To help make information about residential property more accessible to the public, the figures have been integrated into GeoFindIT, the free app from GeoDirectory, available as a download from the iTunes and the Android stores.

There were 34,416 residential dwellings purchased in the State between January and October 2016, 8 per cent of which were new properties. The national average price was €239,025, which was 39 per cent below the average price recorded for Dublin as a whole (€393,833). When Dublin is excluded, the national average price falls to €167,615. Outside of Dublin, the county with the highest average price was Wicklow (€320,000), followed by Kildare (€242,921) and Meath (€215,048). The lowest average price was in Longford (€85,455), followed closely by Leitrim (€89,458). The demand for residential properties along the commuter belt was again evident with Meath recording the highest proportion of new dwellings at 15% of all transactions.

Commenting on the findings, Dara Keogh, CEO, GeoDirectory said: “GeoView gives readers a unique insight into the residential property market in Ireland through the use of cross referenced figures from the GeoDirectory database, the 2016 CSO Census of Population and the Department of Housing, Planning, Community and Local Government. We have added several elements to this edition of the report, including a more detailed breakdown of how dwellings are used and the number of units for which commencement notices were issued. This gives a better indication of the condition of the residential property market in Ireland than we have had previously.”

Annette Hughes, Director of DKM Economic Consultants said: “This is the sixth comprehensive report on the residential building stock of its kind to be published in Ireland. There has been an increase in the number of residential buildings under construction compared to Q4 2015. What is encouraging is the fact that new construction is happening in the areas of most need, notably in Dublin, the East Region and other urban areas. However, we see from both the GeoDirectory data and the Department of Housing commencements data that the level of building is still significantly short of what is needed across the State.”

The GeoDirectory database is the most comprehensive address database of dwellings in the Republic of Ireland. You can download a copy of the GeoView Residential Buildings Report here and is available at www.dkm.ie

ENDS

Notes to Editor: 

Dara Keogh, CEO, GeoDirectory and Annette Hughes, Director of DKM Economic Consultants are available for interview.

GeoDirectory was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage Ireland’s only complete database of commercial and residential buildings.  The figures are recorded through a combination of the An Post network of 5,600 delivery staff working with OSi. 

The GeoDirectory database is used by many different companies and organisations across a diverse range of applications. Its database and services are used by Central Statistics Office to achieve more accurate census results,  Gas Networks Ireland has used for GeoDirectory to identify and categorise new potential customers and 11890 Directory Inquiries have used GeoDirectory to provide detailed directions and maps to their customers.

In the property sector, GeoDirectory is used by Daft.ie and the Property Registration Authority. In addition, utility companies, banking and insurance providers, and all local authorities use the database.

For further information or to view relevant case studies please visit www.geodirectory.ie

For further information, please contact:

Liam McHale

Wilson Hartnell

Tel: +353 1 6690152

Mob: +353 87 9140358

Quick Facts by county:

Carlow

  • Housing turnover rate of 2%
  • Average property price of €141,240
  • 110 new addresses added

Cavan

  • Housing turnover rate of 1.9%
  • Average property price of €108,382
  • 96 new addresses added

Clare

  • Housing turnover rate of 2.1%
  • Average property price of €148,355
  • 141 new addresses added

Cork

  • Housing turnover rate of 2%
  • Average property price of €206,019
  • 632 new addresses added

Donegal

  • Housing turnover rate of 1.4%
  • Average property price of €113,641
  • 188 new addresses added

Dublin

  • Housing turnover rate of 2.5%
  • Average property price of €724,259
  • 21.3% of total new addresses added

Galway

  • Housing turnover rate of 2%
  • Average property price of €180,562
  • 6.7% of total new addresses added

Kerry

  • Housing turnover rate of 1.7%
  • Average property price of €146,952
  • 177 new addresses added

Kildare

  • Housing turnover rate of 2.4%
  • Average property price of €242,921
  • 269 new addresses added

Kilkenny

  • Housing turnover rate of 1.8%
  • Average property price of €177,186
  • 87 new addresses added

Laois

  • Housing turnover rate of 1.9%
  • Average property price of €132,681
  • 104 new addresses added

Leitrim

  • Housing turnover rate of 2.3%
  • Average property price of €89,458
  • 16 new addresses added

Limerick

  • Housing turnover rate of 1.9%
  • Average property price of €151,497
  • 315 new addresses added

Longford

  • Housing turnover rate of 2.2%
  • Average property price of €85,455
  • 13 new addresses added

Louth

  • Housing turnover rate of 2.1%
  • Average property price of €158,756
  • 141 new addresses added

Mayo

  • Housing turnover rate of 1.6%
  • Average property price of €117,640
  • 117 new addresses added

Meath

  • Housing turnover rate of 2%
  • Average property price of €215,048
  • 380 new addresses added

Monaghan

  • Housing turnover rate of 1.3%
  • Average property price of €123,438
  • 99 new addresses added

Offaly

  • Housing turnover rate of 1.7%
  • Average property price of €118,632
  • 47 new addresses added

Roscommon

  • Housing turnover rate of 1.8%
  • Average property price of €91,416
  • 25 new addresses added

Sligo

  • Housing turnover rate of 1.8%
  • Average property price of €120,477
  • 34 new addresses added

Tipperary

  • Housing turnover rate of 1.6%
  • Average property price of €123,523
  • 133 new addresses added

Waterford

  • Housing turnover rate of 2.4%
  • Average property price of €136,778
  • 128 new addresses added

Westmeath

  • Housing turnover rate of 2.4%
  • Average property price of €131,063
  • 61 new addresses added

Wexford

  • Housing turnover rate of 2%
  • Average property price of €147,018
  • 115 new addresses added

Wicklow

  • Housing turnover rate of 2.1%
  • Average property price of €320,000
  • 184 new addresses added