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.
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.
In Cork, 1,708 new dwellings were added to the total residential stock; Limerick recorded a figure of 482 new dwellings, Waterford had 325, while Tipperary had 228. 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 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, Cork was 4.4%, which was lower than the national average.
CONSTRUCTION ACTIVITY & COMMENCEMENTS
Construction activity has doubled relative to the same period last year, with 7,457 buildings (buildings, as opposed to address points or dwelling units) under construction in December 2017, representing an increase of 52% on December 2016.
This construction activity was primarily concentrated in the Leinster region, accounting for 63.4% of the overall total. In Cork, 815 buildings were under construction in December 2017, Limerick accounted for 325 buildings, Waterford 139, with Tipperary recording a lowly 75.
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%).
The average residential property price in Cork in 2017 was €220,897, lower than the national average of €262,061. The area with the highest average residential property price in Cork in 2017 was Kinsale at €347,333.
Excluding Dublin city and county, the average national property price was €187,623.
While the average residential property in Limerick was €167,348; Waterford €158,576 and Tipperary € 136,245.
The GeoView Residential Buildings Report is available at www.geodirectory.ie