Residential Construction Activity Increased in 2023, While 28,000 New Address Points Recorded
GeoDirectory report finds that the number of vacant and derelict properties continues to drop across the country
- 22,777 residential buildings were under construction in Ireland in December 2023, representing a 3.5% increase year-on-year
- In the twelve months to December 2023, 28,742 new residential address points were added to the GeoDirectory database, an increase of 0.8% compared to Q4 2022
- 81,449 residential properties in the State were recorded as vacant in December 2023, resulting in a national average vacancy rate of 3.9%, down 0.1% year-on-year
- The counties with the highest vacancy rates in the country were Leitrim (12%) and Mayo (10.7%) while the lowest vacancy rates were recorded in Dublin (1%) and Kildare (1.1%)
- A further 20,780 residential buildings were classified as derelict in December 2023, a drop of 7.9% compared to the corresponding period last year
- The national average house price increased by 4.7% to €370,709 in the twelve months to October 2023, with the average price rising in every county
Tuesday, January 23rd 2024:
Over 22,777 residential buildings were under construction across the State in December 2023, according to the latest GeoDirectory Residential Buildings Report, published today. The report, prepared by EY, found that Dublin and Leinster counties continue to record the highest levels of new construction activity in Ireland.
Of the total number of residential buildings under construction in December 2023, 15.7% were in Dublin. After Dublin, building levels were highest in Cork (12% of total), Kildare (11.9%) and Meath (6.2%).
Construction activity remained strongest in Leinster, which accounted for 60.2% of all buildings under construction in Q4 2023, with Munster ranking second (24.4% of national total). Building levels were lowest in Ulster and Connacht, at 6.6% and 8.8% respectively.
New Additions to GeoDirectory Database
In the twelve months to December 2023, a total of 28,742 new residential address points were added to the GeoDirectory database, representing a slight increase of 0.8% compared to the corresponding period in December 2022.
Over half of the new address points were located in the Greater Dublin Area of Dublin, Meath, Kildare and Wicklow (50.3%), while Dublin itself accounted for over a third (33.2%) of all new residential addresses.
Vacant and Derelict Properties
The national average vacancy rate dropped 0.1 percentage point to 3.9% in the twelve months to December 2023. After Q2 2023, this is the second consecutive report in which the residential vacancy rate has dipped below 4.0% and remains the lowest recorded by GeoDirectory since reporting started in 2013.
In total, there were 81,449 vacant units identified nationwide.
The highest residential vacancy rates continue to be found in the west of the country, with Leitrim (12%), Mayo (10.7%) and Roscommon (10.4%) recording the highest levels of vacancies.
The vacancy rate in Dublin was 1.0% in December 2023, the lowest in the country, followed by Kildare (1.1%), Meath (2.4%) and Waterford (2.5%).
The GeoDirectory Residential Buildings report also found that the number of derelict residential address points fell by 7.9% in the twelve months to December 2023 with a total of 20,780 derelict units identified across the State.
The highest proportion of derelict address points are located on the west coast of Ireland, with Mayo registering the highest concentration, at 13.7% of national total, followed by Donegal (11.7%) and Galway (8.7%).
Average Property Prices and Transactions
The average residential property price increased by 4.7% to €370,709 in the twelve months to October 2023, with the average price rising in every county.
The average cost of a residential property in Dublin was €536,472, while Longford was the county with the lowest average price at €176,823.
When Dublin is excluded from the study, the national average house price falls to €300,319.
The only other counties to record house prices above the State average were Wicklow (€471,219) and Kildare (€392,587). The lowest average house prices were recorded in Longford (€176,823), Leitrim (€180,952), and Roscommon (€187,609).
A total of 48,606 residential properties were purchased across Ireland in the 12 months to October 2023, an increase of 426 transactions on the previous year.
18% of all residential property transactions in the state involved a new dwelling, with the highest proportion of new dwellings were purchased in Kildare (44.4%), Meath (33.4%) and Wicklow (31.7%).
The report also highlights the impact of rising house prices and interest rates on first-time buyers. Based on Central Statistics Office (CSO) and Residential Tenancies Board (RTB) data, the report finds that the gap between the cost of renting and buying for first-time buyers purchasing a new home has continued to widen.
Commenting on the findings of the GeoDirectory Residential Buildings Report,
Dara Keogh, CEO of GeoDirectory said, “Over the past twelve months we have seen increases in the number of buildings under construction and new residential address points across the State, which is a positive development. The report has also identified a continued drop in the number of vacant and derelict properties, which would indicate that efforts and policies to bring these units into the housing stock are having an impact.”
Annette Hughes, Director of EY Economic Advisory Services said, “The latest GeoDirectory Residential Buildings Report shows continued progress in increasing housing supply and reducing the number of vacant and derelict properties right across the country. Encouragingly, we are seeing all of the key the indicators pointing in the right direction, including construction (up 3.5%), new address points added (up 0.8%), as well as lowest recorded vacancy rate since 2013 and further significant reductions in dereliction (down 7.9%). The lagged effect of national policy frameworks and incentives is becoming visible in the data, however it is crucial that the momentum is maintained.”
ENDS
Download the full report below
For further information, please contact:
Killian Keys, Wilson Hartnell, Killian.keys@ogilvy.com, 086-1024302
Notes to Editor
Dara Keogh, CEO of GeoDirectory is available for interview
About GeoDirectory - Data Intelligence Targeted Growth
The Geodirectory database is the most comprehensive address database in Republic of Ireland. A copy of the Residential Buildings Report is attached in pdf and is available at
www.geodirectory.ie
Past GeoDirectory Residential Buildings Reports are available to view at:
https://www.geodirectory.ie/knowledge-centre/