Jump in new homes under construction, vacancy rate dips

January 24, 2024

The number of new homes under construction has jumped, while the residential vacancy rate has dipped, a new report shows.

The data from GeoDirectory, a database of commercial and residential buildings, shows that almost 23,000 new homes were being built across the country last December, up 3.5% on the previous year.

After Dublin, building levels were highest in Cork, Kildare and Meath.

Meanwhile, nearly 29,000 new residential address points were added to the GeoDirectory database in the year to December, up 0.8% on the same period in 2022.

Today’s data shows that 81,449 vacant residential units were identified across the country.

This saw the national average vacancy rate drop 0.1% to 3.9% in the twelve months to December.

This is the lowest level recorded by GeoDirectory since it started reporting the figures in 2013.

The highest residential vacancy rate was in Leitrim at 12%, followed by Mayo at 10.7% and Roscommon at 10.4%.

The lowest vacancy rate was in Dublin at 1%, followed by Kildare at 1.1%, Meath at 2.4% and Waterford at 2.5%.

Meanwhile, the number of derelict homes recorded fell by 7.9% in the year to December, with a total of 20,780 derelict units identified.

According to the GeoDirectory report which was prepared by EY, the average residential property price increased by 4.7% to €370,709 in the year 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 national average were Wicklow at €471,219 and Kildare at €392,587.

The lowest average house prices were recorded in Longford at €176,823, Leitrim at €180,952, and Roscommon at €187,609.

The GeoDirectory report shows a rise in the number of residential properties purchased in the 12 months to October.

In total, 48,606 homes were purchased, up 426 on the previous year.

18% of all residential property transactions involved a new home, with the highest number of new homes purchased in Kildare, Meath and Wicklow.

Article Source – Jump in new homes under construction, vacancy rate dips – RTE

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