GeoView Residential Buildings Report Q4 2019

  

14,990 Residential Buildings Under Construction in December 2019.
Number of buildings under construction up 38.3% on 2018 figures.

GeoView Residential Buildings Report Q4 2019 Highlights:

• 20,359 new residential dwellings were added to the GeoDirectory database, with 52% of these located in the Greater Dublin Area
• Dublin was the county with the highest number of residential buildings under construction (4,154), followed by Cork (1,628), Kildare (1,340) and Meath (1,326)
• The average residential property price increased by 14% between 2010 and 2019 (€257,780 to €294,800)
• The number of properties selling for greater than €1 million has increased from 186 in 2010 to 751 in 2019
• There were 57,163 residential transactions in the 12 months to October 2019, an increase of 6.8% on the 2018 figure

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January 23rd 2020:
 
Buildings Under Construction
14,990 residential buildings were under construction across the country in December 2019, according to the latest GeoView Residential Buildings Report, published by GeoDirectory and EY-DKM today. This represents a 38.3% increase compared when compared with the December 2018 figure.
 
The majority (49.2%) of the buildings under construction were located in Dublin and surrounding counties of Meath, Kildare and Wicklow, further emphasising the capital’s role in driving residential construction activity. The counties with the lowest levels of construction activity were located in the north-west and midlands in December 2019. Leitrim (24), Longford (88), Roscommon (96) and Sligo (96) registered the lowest number of buildings under construction.
 
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Additions to GeoDirectory Database

20,359 residential addresses were added to the GeoDirectory database in 2019, representing 1.0% of the overall residential stock of 2,014,357. Dublin accounted for almost a third of all new address points in 2019, with 6,189 in total. Cork registered the second highest total with 2,146 (10.5%), while commuter counties Kildare (1,988) and Meath (1,452) also recorded significant numbers of new dwellings. In overall terms, 65.1% of all additions to the GeoDirectory database in 2019 were located in Leinster.
 
At the other end of the scale, Longford (53), Leitrim (67), Cavan (169), Roscommon (176) and Sligo (180) recorded the lowest number of new residential addresses.
 
Trends in Property Prices 2009-2019
Analysing property prices over the past decade highlights the volatile nature of the property market over this period. A decline of 21% was recorded in October 2009, one year after the economic crash took hold. In contrast, a significant increase of up to 20% was recorded in 2014, one year after the national average property price hit its lowest point. In 2019, the average residential sale price was €294,800, a 14% increase on the 2010 average (€257,780).
 
Large-scale infrastructure projects have also had an impact on property prices over the last ten years. For example, residential properties located along the Luas Green Line extension (St. Stephen’s Green to Broombridge) have seen  average property prices increase by 77% since 2010.
 
The past decade has seen a considerable rise in the number of residential properties selling for more than €1 million. In 2019, 751 residential property sales broke the €1 million barrier. This equated to €2.3 billion worth of sales, averaging €3.1 million per property. In 2010, 186 residential properties were sold for over €1 million, equating to €340.5 million in total and an average of €1.8 million per property.
 
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Property Transactions and Average Prices Q3 2019
There were 57,163 residential property transactions in the 12 months to October 2019, with an average property price of €290,209. If Dublin is excluded, the average property price drops to €221,738. The highest average property price was in Dublin (€420,316), while Leitrim (€121,410) had the lowest average price. 20.9% of property transactions over this time period were for new dwellings. 
 
Residential Vacancy Rates
The national average vacancy rate stood at 4.7% in December 2019, a 0.1 percentage point (pp) drop on the same period in 2018. The highest vacancy rates were found in the mid-west and north-west of the country, notably in  Leitrim (15.3%), Roscommon (13.3%), Mayo (12.8%), Donegal (10.4%) and Sligo (10.3%). However, in the case of Leitrim, the vacancy rate declined by 0.5pp compared to 2018. Overall, 18 of the 26 counties recorded declines in residential vacancy rates.
 
Dublin remains the county with the lowest residential vacancy rate at 1.3%. Neighbouring counties Kildare (2.2%) and Wicklow (3.2%) also recorded considerably low vacancy rates. Of the 12 counties in Leinster, 10 counties recorded vacancy rates lower than the national average. Waterford (3.5%) and Cork (4.0%) were the only counties outside Leinster with a vacancy rate lower than the national average of 4.7%.

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Speaking about the GeoView Residential Buildings Report, Dara Keogh, Chief Executive, GeoDirectory said, “Dublin and its surrounding counties continue to drive the residential property market and this trend shows no sign of slowing down. In 2019, the Greater Dublin Area of Dublin, Meath, Kildare and Wicklow had the most buildings under construction, the most new address points and the lowest average residential vacancy rates, while counties in Connacht and Ulster continue to lag way behind in terms of activity.
 
The latest GeoView Residential Buildings Report takes a wider look at property price trends in Ireland over the past ten years. It shows that we ended the decade with an average residential sales price 14% higher than at the start of the decade. In addition, by 2019, the number of properties sold for greater than €1 million was four times higher than in 2010.”
 
Annette Hughes, Director of EY-DKM Economic Advisory Services said, “One in five residential property transactions in the 12 months to October 2019 involved a newly built dwelling. This is encouraging for the residential property market, even though the level of new building is well below where it needs to be.  Just over 14,000 residential buildings were under construction nationally in December 2019. While this is an improvement on previous years, it is still well below the required supply levels, which are estimated to be closer to 35,000 units per annum.”
The GeoDirectory database is the most comprehensive address database of dwellings in the Republic of Ireland. A copy of the GeoView Residential Buildings Report is attached in PDF format and is available at www.geodirectory.ie

ENDS

For Further Information:
Killian Keys, Wilson Hartnell, 086-1024302 / 01-6690030, killian.keys@ogilvy.com
Dara Keogh, CEO, GeoDirectory and Annette Hughes, Director of EY-DKM Economic Advisory Services 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 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.

GeoFindIT App: An award-winning, free app available to download on iOS and Android.  GeoFindIT provides information on the prices of all sold properties in Ireland. In addition, it lists details on thousands of hotels, shops, restaurants and bars across the country.

For further information or to view relevant case studies please visit: www.geodirectory.ie and @GeoDirectory_ie on Twitter.
 
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Past GeoView Residential Buildings Reports are available to view at:
https://www.geodirectory.ie/knowledge-centre/reports-blogs