Residential Report Q4 2017

36,218 Dwellings Added to National Residential Building Stock in 2017

Residential construction activity also increased - up 52% from December 2016 figures

GeoView Residential Buildings Report Highlights:

• 36,218 dwellings were added to the GeoDirectory database in 2017, 1.8% of the total national residential stock of 1,974,349
• The national average housing turnover rate increased from 2.1% in 2016 to 2.5% in 2017
• New dwellings accounted for 18% of all residential property transactions, up from 8% in 2016.
• 7,457 buildings were under construction in December 2017, an increase of 52% on December 2016
• The average residential property price in Dublin in 2017 was €406,971. The average property price outside Dublin was €187,623
• The national vacancy rate in December 2017 was 4.8%

December 27^th 2017:

Residential Housing Stock: New Additions and Vacancy Rates

The construction industry responded positively to demand for housing in 2017, but the level of demand is still far greater than supply according to figures revealed in the latest GeoView Residential Buildings Report, published by GeoDirectory today. The report finds that 36,218 new dwellings were added to the GeoDirectory database in 2017, 1.8% of the total residential stock. Of these new addresses, the overwhelming majority were located in the capital and surrounding counties, with Dublin, Meath, Kildare and Wicklow accounting for 77.4% of the overall total.

Leitrim had the lowest number of new addresses in the country, with only 74 properties added to the database in 2017, 0.2% of the national total.

The total stock of residential dwellings in the country in December 2017 was 1,974,349. Out of this overall figure, the report shows that there was a stock of 179,530 apartments, 9.1% of the national total. GeoDirectory data classifies an apartment as a dwelling within a building of five or more dwellings.

The GeoDirectory database estimates a total of 95,114 vacant dwellings in the country, 4.8% of the overall national residential housing stock. This represents a slight decrease on the previous GeoView report in June 2017, which estimated the vacancy rate to be 4.9%.

Of the 26 counties examined, 14 recorded vacancy rates above the national average. Leitrim (16.4%), Roscommon (13.8%) and Mayo (13%) were the counties with the highest vacancy rates. At the other end of the spectrum, Dublin (0.8%) and surrounding commuter counties Kildare (2%) and Wicklow (2.5%) recorded the lowest vacancy rates in the country.

Transactions and Turnover Rate

According to CSO figures, 50,597 residential properties were purchased over the twelve months to October 2017, with new properties making up 18% of the total. Urban areas and commuter counties accounted for the vast majority of these transactions, with the most occurring in Dublin (17,171), Cork (5,642) and Kildare (2,587). Meath (32.6%) was the county with the highest proportion of new dwelling transactions, emphasising the growing demand for housing on the commuter belt.

Combining data from the GeoDirectory database and CSO figures, the GeoView Residential Buildings Report estimates the average rate of housing turnover. The national average housing turnover rate to October 2017 was 2.5%, an increase on the 2016 rate which was 2.1%. Kildare recorded the highest turnover rate in the country (3.24%), followed by Dublin (3.17%), Westmeath (3.01%), Meath (2.85%) and Wicklow (2.83%). These five counties, all located in the Leinster region, were the only counties to exceed the national turnover average.

Construction Activity and Commencements:

Construction activity has doubled relative to the same period last year, with 7,457 buildings under construction in December 2017, representing an increase of 52%. This construction activity was primarily concentrated in the Leinster region, accounting for 63.4% of the overall total. The counties with the lowest proportions of buildings under construction were found in the North-West and Midlands region, Leitrim (0.2%), Longford (0.4%) and Roscommon (0.5%).

Data from the Department of Housing, Planning and Local Government (DHPLG) showed that there were 17,151 residential commencements in the twelve months to October 2017, an increase of 37.1% on the corresponding figure in 2016. Of this total, Dublin city and county accounted for 6,869 (40%) of all commencements in the country. Leitrim had the lowest number of commencements, with 32 recorded.

Property Prices:

The average national residential property price for 2017 was €262,061, rising from €239,025 in 2016. The report found that Dublin had the highest average property price in Ireland in 2017 at €406,971. Within the capital, Dublin 4 recorded the highest average property price at €735,768, while the average property price in Dublin 10 was the lowest at €196,639 and the only Dublin postcode with an average price below €200,000.

Outside Dublin, Longford had the lowest average property price at €94,792. Longford was also the only county in the country to record an average price lower than €100,000.

Commenting on the findings of the GeoView Residential Buildings Report, Dara Keogh, CEO, GeoDirectory said, “The findings of the latest GeoView report suggest that residential construction increased sharply in 2017, with over 36,000 new addresses entered into the GeoDirectory database and a 52% increase in residential construction activity compared to this time last year. However, building is heavily concentrated around Dublin and surrounding counties, while demand for housing stock remains at a high level. While progress has been made, there is still work to do in order to meet demand.”

Annette Hughes, Director of DKM Economic Consultants said, “It is interesting to note that, based on GeoDirectory and CSO figures, the average turnover rate of housing stock has increased from 2.1% to 2.5% in 2017, with new dwelling transactions jumping from 8% to 18%. Despite the notable increase in new buildings, house prices have continued to rise in Dublin and throughout the country.”

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 here and is available at www.geodirectory.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.