The number of new residential address points added to the GeoDirectory database in 2021 fell by 17.4% year-on-year, according to a report prepared by EY.

In total 18,050 new address points were recorded in Ireland in 2021. Half of the total of new addresses were found in the Greater Dublin Area of Dublin, Meath, Kildare and Wicklow.

In Q4 2021, 19,500 residential buildings were under construction, a 16.5% increase on the corresponding figure in Q4 2020.

Residential construction activity was strongest in the Leinster region, with 60% of all buildings under construction in Q4 recorded in the province.

In the final quarter of 2021, the highest year-on-year increases in new builds was in Offaly (+118%), Waterford (+70%) and Clare (+54%). Of the counties to register annual contractions in residential construction activity, the sharpest decreases were in Galway (-24%) and Leitrim (-22%).

In Association with

Slight Decline in National Vacancy Rate

There were 90,160 vacant dwellings recorded in the state in Q4 2021, representing 4.4% of the national housing stock and a marginal 0.1ppt decrease since Q4 2020. Year-on-year residential vacancy rates decreased in 20 of the 26 counties.

The lowest residential vacancy rates in the country were found in Dublin, Kildare, Waterford and Louth. Across Leinster, the average residential vacancy rate stood at 2.3%. In Connacht the residential vacancy rate stands at 9%.

Increase in Residential Property Transactions

The average national (not mix-adjusted) house price during the 12-month period to October 2021 was €321,600, an increase of 9.4% on the equivalent 2020 figure.

Dublin is the most expensive location to buy a house in Ireland, with an average price of €496,650. Neighbouring counties Wicklow (€428,500) and Kildare (€338,900) were the only other counties with residential property prices higher than the national average.

The lowest average house price over the 12 months to October 2021 was recorded in Longford, at €142,300. This represents an increase of 64% vis-à-vis the average house price in Longford during the corresponding 12-month period in 2016 (€86,600).

Dara Keogh (pictured), CEO of GeoDirectory, commented: “Covid-19 has proved to be a substantial speed-bump for the delivery of housing supply in Ireland. The knock-on impact of the closure of construction sites in early 2021 can be seen in the relatively low number of new address points added to the GeoDirectory database. However, residential construction activity has rebounded strongly since reopening fully in April 2021.”

Annette Hughes, Director, EY Economic Advisory, stated: “The level of housing supply coming onto the market in 2021 was well short of what was needed to meet demand. While the data around residential construction activity in the latter half of 2021 is extremely encouraging, there is still exceptionally high levels of demand in the housing market.

“This is evident from the significant increase in the average house price, up 9.4% nationally, with price increases recorded in every county. Based on our analysis for this report, the 90,160 vacant residential properties and the 22,100 derelict residential properties across Ireland should be investigated to ascertain if they can be returned to the housing stock.”