Empty home rate surges to 17pc
Ireland’s stock of empty homes surged 30pc to 345,000 houses in the three years through 2009 as the decade-long property boom collapsed.
Seventeen percent of homes were vacant in April, up from 15pc in 2006, according to a UCD report today. Stripping out holiday homes, the figure is 281,000.
“There would appear to be over four years of potential oversupply” said Brendan Williams, Brian Hughes and Declan Redmond, the report authors. “With the economic downturn, it is increasingly likely that vacancy levels could increase.”
Property prices, which quadrupled in the decade through 2007, have halved since peaking that year.
The vacancy rate between 1971 and 2002 was around 10pc, the report said.