Residential Construction up 18.4% as number of vacant properties decreases
34,198 new residential address points recorded by GeoDirectory in the twelve months to June 2022
GeoDirectory Residential Buildings Report Q2 2022 Highlights
- 22,390 residential buildings were under construction in June 2022 representing an 18.4% increase compared to Q2 2021
- The number of vacant residential properties fell by 5.9% in twelve months to June 2022, with a total of 86,708 dwellings classified as vacant nationally
- The number of derelict address points also decreased, down 3.8% from June 2021. 21,897 address points were classified as derelict by GeoDirectory in June 2022
- 34,198 new residential addresses were added to the GeoDirectory database in the twelve months to June 2022, an increase of 34.1% on the June 2021 figure
- The average residential property price was €338,394 in May 2022, with price increases recorded in every county
Residential construction activity accelerated in the first half of the year, with 22,390 residential buildings under construction in June 2022 according to figures released in the latest GeoDirectory Residential Buildings Report. The twice-annual residential buildings report, prepared by EY, found that the number of buildings under of construction was 18.4% higher than the corresponding period in 2021.
Of the total number, 17.4% were located in Dublin, 14.2% in Kildare and 12.0% in Cork. Notably, the year-on-year increase of buildings under construction in Kildare was 74.4%.
Vacancy and Dereliction Rate Decreases
The national vacancy rate decreased by 0.3 percentage points (pp) to 4.2% in the twelve months to June 2022. In total, 86,708 residential buildings were classified as vacant across Ireland by GeoDirectory, a 5.9% drop when compared to the previous year.
Out of the 26 counties surveyed, the residential vacancy rate decreased in all but one (Wicklow). The highest vacancy rates in the country were found in the west and north-west of the country. At 12.8%, Leitrim was the county with the highest vacancy rate, although it did post a year-on-year vacancy decline of 2.0pp. Mayo (11.4%), Roscommon (11.0%) and Donegal (9.7%) were the other counties to post notably high vacancy rates.
Dublin was the county with the lowest vacancy rate in the country at 1.5%, closely followed by Kildare at 1.6%. Meath (2.5%), Waterford (2.6%) and Louth (2.6%) all recorded residential vacancy rates under the 3.0% mark.
In addition to vacancies, 21,897 residential address points were classified as derelict. This total was 3.8% lower than the corresponding figure in Q2 2021.
Sharp Increase in Number of New Residential Address Points Recorded
A total of 34,198 new residential addresses were added to the GeoDirectory database in the twelve months to June 2022. This represents an increase of 34.1% on the total recorded between June 2020 and June 2021.
Dublin had the largest share of new address points, with 12,288 addresses added (35.9% of the total), followed by Cork (9.5%), Kildare (9.1%), Meath (6.7%) and Wicklow (5.2%).
57% of all new address points were added in the Greater Dublin Area of Dublin, Meath, Wicklow and Kildare. At the other end of the spectrum, Leitrim (0.3%), Longford (0.4%), and Roscommon (0.6%) had the smallest share of new address points.
Number of Residential Property Transactions increases
The number of residential property transactions increased by 13.5% in the twelve months to May 2022, representing an additional 5,500 transactions on the corresponding figure for the previous twelve months. Of the 46,328 residential property transactions nationally, 16.7% were new dwellings.
The average property price nationally in the twelve months to May 2022 was €338,394. The highest average property price was recorded in Dublin (€514,796), while the lowest was in Longford (€154,306). When Dublin is excluded, the average property price nationally fell to €267,351.
Commenting on the findings of the GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory
said, “The level of residential construction has increased significantly over the past twelve months as Covid-19 public health measures on the construction sector were gradually eased then removed. This activity indicates a strong pipeline of residential properties that we would expect to enter the market in the months ahead. The GeoDirectory Residential Buildings Report found that the number of vacant properties has also fallen in the last year, although when combined with derelict properties, there are still over 100,000 potential properties which could re-enter the market.”
For further information:
To recieve a copy of the Q2 2022 Residential Report please email email@example.com
Killian Keys, Wilson Hartnell PR, firstname.lastname@example.org
Notes to Editor
About GeoDirectory - Data Intelligence for Targeted Growth
The GeoDirectory database is the most comprehensive address database of dwellings in the Republic of Ireland. A copy of the Residential Buildings Report is attached in PDF format and is available at www.geodirectory.ie
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 the Central Statistics Office to achieve more accurate census results.
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 and @GeoDirectory_ie on Twitter.
Past GeoDirectory Residential Buildings Reports are available to view at: https://www.geodirectory.ie/knowledge-centre/reports-blogs and https://www.ey.com/en_ie/strategy-transactions/ey-dkm-economic-advisory-services