CONSTRUCTION work is due to start this year on 78 residential-development projects, which will cost €4.86bn to build, according to recent figures issued by the planning-research company Construction Information Services (CIS).This is an increase on the 20 residential projects that are currently on site with a value of €3.5bn.
The largest of these is the Cosgrave Brothers development on the site of the former Dun Laoghaire Golf Club in south Dublin, which will take five years to complete, with a total construction cost of about €1.5bn.
Dermot O'Leary, of Goodbody Stockbrokers, estimates that as many as 3,000 new homes may be completed by the public and voluntary sectors this year -- down from the 5,000 that these supplied in 2010.
However not all start dates are set in stone and a number of developments may be postponed until the market picks up. Meanwhile, others could find that the banks or NAMA may refuse the funds to develop some of the schemes, especially if they are in areas that are suffering from oversupply or depressed demand.
Some of the public- and voluntary-sector projects may also be put on hold if the organisers find it cheaper to acquire housing in either the rental or sales markets.