Latest GeoDirectory Residential Buildings Report prepared by EY finds a 17.1% increase in residential address points in Q2 2024 compared to previous year
GeoDirectory Residential Buildings Report Q2 2024 Highlights
- There were 31,384 new residential address points added to the GeoDirectory database in the twelve months to June 2024. This represents a 17.1% increase year-on-year
- 21,851 residential buildings were under construction across the country in June 2024, down 4.3% compared to June 2023
- The national residential vacancy rate was 3.9% at the end of Q2 2024, unchanged from the same period in 2023
- The average house price increased in every county, with the exception of Monaghan, with the average price increasing by 4.3% to €381,749
- Dublin 15 recorded the highest volume of residential property transactions in the capital, followed by Dublin 18 & 24.
- Nationally, the postcodes V94 in Limerick, H91 in Galway and W91 in Naas, recorded the highest volume of residential transactions in the year to May 2024
- Analysing affordability across the eight city council areas, monthly average market rents are higher than average monthly mortgage repayments for a new dwelling in Dublin City, Fingal, South Dublin and Cork City.
07 August 2024: A total of 31,384 new residential address points were recorded in the twelve months to June 2024, representing a 17.1% increase year-on-year, according to the latest GeoDirectory Residential Buildings Report released today. The report, prepared by EY, found that a further 21,851 residential buildings were under construction across the country in June 2024, down slightly from the previous year.
New Residential Address Points
The highest proportion of new residential address points were located in Dublin with over a third of the overall total (10,508), followed by Cork (3,621), Meath (1,812) and Kildare (1,599). Counties in Leinster accounted for over two-thirds (66.2%) of the new address points.
Buildings Under Construction
The total number of buildings under construction nationally in June 2024 was down 4.3%, or 991 buildings, compared to June 2023. Of the 21,851 residential buildings under construction last month, 13.7% were located in Dublin (2,985 buildings), closely followed by Cork (2,844 buildings). Construction activity was weakest in the neighbouring counties of Sligo, Roscommon, Leitrim and Longford where there were fewer than 200 buildings under construction.
National Vacancy Rate and Derelict Buildings
The national vacancy rate in Q2 2024 remained at a record low of 3.9%, which is unchanged from the corresponding period in Q2 2023. 82,031 residential properties were recorded as vacant in June 2024, with vacancy rates decreasing in 19 counties over the previous twelve months.
The lowest vacancy rates in the country were recorded in Dublin (1.2%), Kildare (1.3%), Waterford (2.3%) and Carlow (2.5%), while the highest residential vacancy rates continue to be found along the North and Midwest coast. Leitrim, at 12.0% was the county with the highest vacancy rate, along with Mayo (10.7%), Roscommon (10.2%), Donegal (9.2%) and Sligo (8.2%).
20,413 residential buildings were classified as derelict in June 2024, representing a 3.4% drop compared to June 2023. Over a third (37.6%) of derelict residential buildings were located in Connacht.
Analysis of House Prices, Transactions and Affordability
In May 2024 the average house price nationally was €381,749. The number of residential property transactions fell by 5.8% year-on-year. In Dublin, the average property transaction price was €542,240, the highest in the country, while the lowest average property price was Longford at €182,713. Donegal (€199,822), Roscommon (€196,241) and Leitrim (€185,156) were the only counties with an average residential property price of less than €200,000.
Dublin 15 continues to record the highest number of residential transactions across all Dublin postcodes with 1,248 properties sold during the 12 months to May 2024. Dublin 18 (1,148) and Dublin 24 (795) had the second and third highest levels of purchasing activity, while just 99 property sales were completed in Dublin 17.
Based on the principal post town codes, residential property transaction volumes were highest in V94 Limerick (1,544), followed by H91 Galway (1,459), and W91 Naas (1,281). In addition, new-build property sales were most concentrated in W91 Naas, where 563 new properties were sold in the 12 months to May 2024, followed by A92 Drogheda (427) and W23 Celbridge (377).
Analysing house price data published by the CSO and the latest rent price data from Daft.ie, the report found that the average mortgage repayment for a new dwelling in May 2024 was €1,723 compared with the average market rent in Q1 2024 of €1,836. This is higher than the latest average monthly rent payment of €1,595 from the Residential Tenancies Board for Q4 2023.
For first-time buyers weighing up the decision to rent or buy a new dwelling, it is currently more affordable to rent rather than purchase a new dwelling in 17 out of the 31 local authorities, while in 14 counties it is more affordable to buy that to rent. In contrast, buying an existing dwelling is more affordable than renting in all 31 local authorities.
The analysis also shows that across the eight city council area, monthly average market rents are higher than average monthly mortgage repayments for a new dwelling at the median price in Dublin City, Fingal, South Dublin and Cork City.
Commenting on the findings of the latest GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory said, “We have seen a significant increase of over 17% in the number of new address points recorded over the past twelve months, which combined with the number of buildings under construction, suggests a strong performance in terms of housing delivery for 2024. However, demand continues to outpace supply despite considerable progress, with the average house price increasing in every county, with the exception of Monaghan where house prices nationally are now averaging €381,749. Vacancies are at record low levels, but the total number of residential property transactions fell by 5.8% year on year.”
Annette Hughes, Director at EY Economic Advisory, said, “The substantial increase year-on-year in new address points and the almost 48,000 property transaction recorded in the year to May are encouraging signs for housing activity. When we dig into the details, we can see that suburban Dublin and the commuter town postcode areas like Naas (W91), Drogheda (A92) and Celbridge (W23) performed strongly on transactions. Regional postcode areas are also performing well, with the postcodes V94 in Limerick and H91 in Galway recording the highest transactions amongst the principal post town codes. While recorded construction activity is down slightly year-on-year, there has been a surge in construction commencement notices in recent months, driven largely by a number of policy changes to fast track housing development, indicating a robust pipeline of homes as we look to the future.”
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To learn more download the report here.
