LIMERICK RESIDENTIAL HOUSING MARKET BELOW AVERAGE
-First annual report about the Irish residential building stock published-
• There were 1,540 residential housing transactions in Limerick in 2014. At 1.8% of the county’s total stock this is below the national average rate of 2% turnover.
• Dublin experienced the greatest turnover in housing stock in 2014, with 13,588 (2.5% of the county’s residential stock) transactions in the year.
• There are 2,023,273 residential dwellings across the country.
• A total of 3,731 buildings were classified as being under construction in the GeoDirectory Database in Q4 2014. 4.9% of these buildings were in Limerick.
23rd February: There were 1,540 residential housing transactions in Limerick in 2014. At 1.8% of the county’s total stock this is below the national average rate of 2% turnover. At 419 dwellings per 1,000 of the population, Dublin’s housing shortage is continuing, according to the first annual report on Ireland’s stock of residential properties commissioned by GeoDirectory. This shortage is reflected by an increase in the average price paid (not mix-adjusted) for a home in Dublin, up by almost €28,000 (8.8%) year-on-year to €343,672 in 2014.
The comprehensive report, which was compiled by cross referencing data from the GeoDirectory Database, the Property Price Register (PPR) and the CSO Census of Population, offers new, unique insights into residential housing density, turnover, development and stock in the country.
The GeoDirectory Database found that there were 2,023,273 residential dwellings across the country. This reflected an increase on the first GeoView Residential Buildings Report of July 2014
which recorded a total housing stock of 2,019,638 dwellings. Clare had the largest proportional increase in its housing stock in 2014 compared to 2013, with almost 2.4% more dwellings added to the county’s residential stock in the GeoDirectory database in the year. Dublin had the largest number of additions to the database (2,083).
Detached dwellings accounted for the largest proportion (43.1%) of the total housing stock across Ireland, with over 873,000 dwellings. The GeoDirectory database distinguishes between a ‘dwelling’ which is a single residential unit as opposed to a ‘building’ which can comprise one or more dwellings. Using this definition there was a stock of 182,214 apartments in Ireland in Q4 2014. This corresponds to 9% of the total stock of residential dwellings.
As expected Dublin had the highest residential density per square kilometre (581 dwellings per km2). The next highest county, Louth, had a substantially lower density (63), followed by Kildare (47). Residential density was lowest in western counties, away from larger urban centres. Leitrim (12) had the lowest residential density, followed by Mayo (12.6) and Roscommon (13).
A total of 3,731 buildings were classified as being under construction in the GeoDirectory Database in Q4 2014. Cork (12.0% of all buildings under construction in the country), Donegal and Dublin (both 11.8%) dominated this area. New buildings accounted for 8.1% of the total residential stock sold in Limerick in 2014. Building activity remained depressed in Roscommon (0.8%) where only 29 buildings were under construction, and was equally modest in Sligo and Longford (both 1.1%) where just over 40 buildings were under construction in each county.
By combining data on residential property transactions from the Property Price Register (PPR) and the GeoDirectory Database, an estimate of turnover of the housing stock can be ascertained. A total of 42,550 transactions were recorded by the PPR in 2014 or 41,162 when outliers are excluded, the national average housing turnover rate in 2014 was 2%. Dublin experienced the greatest turnover in housing stock in 2014, with 13,588 transactions in the year (2.5% of the county’s residential stock). Monaghan (1.2%), Donegal and Tipperary (both 1.3%) had the lowest rates of housing turnover in the country for the period.
The national average price paid for a residential dwelling in 2014 was €213,947. The average property price in Limerick was well below this at €125,512. The highest average price by county was recorded in Dublin, €343,672, while the lowest average price was recorded in Longford, €74,154.
Commenting on the findings, Dara Keogh, CEO, GeoDirectory said “By combining the GeoDirectory Database with the PPR and Census of Population figures, we give readers a unique insight into the residential housing market. We can see that the market in Dublin and the surrounding counties is recovering faster than the rest of the country, with a higher turnover of stock in the east.”
Annette Hughes, Director of DKM Economic Consultants said “By using the data from the PPR, the CSO Census of Population and the GeoDirectory Database we have a unique insight into the residential building stock in Ireland. One key statistic which the report highlighted was that the national average housing turnover rate in 2014 was 2%, well below what would be deemed to be a more normal housing turnover rate of around 4%.”
The GeoDirectory database is a comprehensive address database of dwellings in the Republic of Ireland. The following statistics relate to dwellings in the database as of the 31st December 2014.
A copy of the GeoView Residential Buildings Report is attached in PDF format.
Notes to Editor:
Mr. Dara Keogh, CEO of GeoDirectory is 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:
Tel: +353 87 9140358