Number of new residential address points jumps by 20.7% in 2024 – GeoDirectory

34,686 new residential points recorded in 2024, while national vacancy rate falls to record low 3.8%

GeoDirectory Residential Buildings Report Q4 2024 Highlights

• A total of 34,686 new residential address points were added to the GeoDirectory database in 2024, an increase of 20.7% compared to 2023
• 22,251 residential buildings were classified as under construction in December 2024, 2.3% lower than the corresponding period in December 2023
• The national vacancy rate fell by 0.1 percentage point (ppt) to a new low of 3.8% in Q4 2024. The highest vacancy rate in the country was recorded in Leitrim (11.8%), while Dublin had the lowest (1.2%)
• The average house price increased in all 26 counties in the State in 2024, with a national residential property price average of €399,763
• There were 46,894 residential property transactions in the twelve months to November 2024, 20.6% of which were for new dwellings

Dublin, 18 February 2025: 34,686 new residential address points were added to the GeoDirectory database throughout 2024 according to the latest GeoDirectory Residential Buildings Report published today and prepared by EY. This figure represents a 20.7% increase compared to 2023, equating to an additional 5,944 addresses compared with the number added in the previous twelve-month period. The highest proportion of new address points was in Dublin, representing 38.1% of the overall total, followed by Cork (10.8%), Meath (5.7%) and Kildare (4.7%).

Construction figures drop slightly

There were 22,251 buildings under construction in the State in December 2024 which was a slight decrease (-2.3%) on the corresponding period in 2023.

The largest share of buildings under construction were in Dublin at 18.7% (4,162 buildings). Cork (3,002), Kildare (1,438), Meath (1,312), Louth (1,141) and Galway (1,126) were the other counties with over a thousand buildings under construction at the end of last year.

Construction activity was weakest in Longford where only 85 buildings were under construction, followed by Leitrim (121) and Roscommon (162).

National Vacancy Rate falls again

The national vacancy rate has fallen again, continuing the trend of recent years. In Q4 2024, the rate was 3.8%, representing a 0.1ppt decline when compared to Q4 2023. The average vacancy rate fell in 19 of the 26 counties in the State in 2024.

The highest vacancy rates in the country can be found in the west of Ireland with Leitrim (11.8%), Mayo (10.6%), Roscommon (10.3%), Donegal (9.0%) and Sligo (8.2%) recording the largest proportions of vacant residential properties. At the other end of the scale, the lowest vacancy rates were found in Dublin (1.2%), Kildare (1.5%), Waterford (2.1%) and Carlow (2.5%).

Derelict Property Data

20,092 residential address points were classified as derelict in Q4 2024, 3.3% lower than at the same point in Q4 2023. The highest concentration of derelict properties was recorded in Mayo (14.0%), followed by Donegal (11.6%) and Galway (8.8%).

Residential Property Transactions

The average residential property price increased by 7.2% to €399,763 in the twelve months between November 2023 and November 2024. Prices increased in all 26 counties in the State.

A total of 46,894 residential property transactions took place in the twelve months to November 2024, 20.6% of which were for new dwellings.

The highest property price was in Dublin, with an average of €565,351. Wicklow (€488,829) and Kildare (€412,839) were the only other counties in which the average property price exceeded the national average.

The lowest average prices were recorded in Leitrim (€190,000), Longford (€196,532) and Roscommon (€205,333).

Speaking about the findings of the latest GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory said, “There was a substantial increase in the number of residential address points added to the GeoDirectory database throughout 2024. The number of buildings under construction has remained relatively stable, indicating that the strong pipeline of new homes will continue into 2025.”

Annette Hughes, Director at EY Economic Advisory said, “The latest GeoDirectory report spotlights a continuing and encouraging downward trend in both national vacancy and dereliction rates, as our growing population and policy initiatives are having an impact. More broadly while the number of new address points increased significantly last year, it will be critically important going forward to ensure the right policies, housing supports and infrastructure are in place to accelerate the delivery of housing supply for all tenures in the right locations.”

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For Further Information: 

Killian Keys, Wilson Hartnell, killian.keys@ogilvy.com, 086-1024302 

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     

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.   

For further information or to view relevant case studies please visit: www.geodirectory.ie

Past GeoDirectory Residential Buildings Reports are available to view at: https://www.geodirectory.ie/knowledge-centre/reports-blogs and EY Economic Advisory Services