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Friday 14 December 2018

More than 1,700 buildings added to Cork stock in 2017

Cork accounted for just under 5% of new addresses registered in 2017
Cork accounted for just under 5% of new addresses registered in 2017

Bill Browne

Figures contained in a new report have shown that 1,708 new dwellings were added to Cork's stock of residential buildings over the 12-months to October 2017, accounting for just under 5% of the national total of new addresses registered during the period.

The figures, contained within the latest GeoView Residential Buildings Report published by GeoDirectory, also showed there were some 815 buildings currently under construction across Cork during the final month of last year. 

The full report, which is available to view at www.geodirectory.ie, show the turnover rate of housing in Cork was broadly in line with the national average at 2.45% and that the vacancy rate in Cork stood at 4.4%, lower than the national average of 4.8%. 

It revealed that new dwellings accounted for 16.1% of all Cork residential transactions compared to the national average of 18% and that the average residential property price in Cork during 2017 was €220,897. The average property price outside of Dublin was €187,623. 

Overall, the report concluded that while the construction industry responded "positively" to the demand for housing during 2017, the level of demand was still "far greater than supply." 

It found that 36,218 new dwellings were added to the GeoDirectory database during 2017, representing just 1.8% of the total residential stock. 

The vast majority of these new addresses were located in the capital and its commuter belt satellite counties, with Dublin, Meath, Kildare and Wicklow accounting for more than three-quarters of the overall total.

The report showed that some 50,597 residential properties were purchased over the period, with new properties making up just 18% of these. Unsurprisingly, urban areas including Dublin (17,171), Cork (5.642) and Kildare (2,587)  accounted for more than half of these transactions. 

The GeoDirectory database estimated that as at the end of October there were 95,114 vacant dwellings in the country, representing 4.8% of the total national housing stock. Cork recorded one of the lowest vacancy rates of any county at 4.4%. 

Overall, construction activity had increased significantly relative to 2016, with 7,457 buildings under construction last December, a year-on-year increase of 52%. 

In Cork, the area with the highest average residential property price in 2017 was Kinsale at €347,333. Within the capital, Dublin 4 recorded the highest average property price at €735,768, while the average property price in Dublin 10 was the lowest at €196,639 and the only Dublin postcode with an average price below €200,000. Outside Dublin, Longford had the lowest average property price at €94,792. Longford was also the only county in the country to record an average price lower than €100,000. 

Commenting on the report GeoDirectory CEO Dara Keogh said it suggested that residential construction "increased sharply" during 2017. 

"However, building is heavily concentrated around Dublin and surrounding counties, while demand for housing stock remains at a high level. While progress has been made, there is still work to do in order to meet demand," he said.

Corkman

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