Record-Breaking Pace: Ireland Witnesses Surge in New Home Construction
Dublin: Ireland is currently experiencing an unprecedented surge in new home construction, achieving a record of 32,801 new homes built last year. This remarkable milestone is indicative of the robust growth in the construction sector, with March leading the way by initiating the highest number of homes, totaling 3,244.
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Notably, the construction of new apartments has also witnessed a significant uptick, resulting in the completion of 13,000 units in the same period. Housing Minister Darragh O’Brien expressed optimism, stating that this influx of new homes would contribute positively to addressing the country’s housing challenges.
Government initiatives, including the elimination of the development levy and the Irish Water Rebate, are believed to have expedited housing projects. Additionally, schemes such as Help-to-Buy and the First Home Scheme have provided critical support for first-time buyers, potentially contributing to the surge in construction activities.
Comparing the data, the figures for 2022 revealed the initiation of construction for 26,957 houses. This marks a notable 21.5% increase in 2023. Further analysis shows a substantial 76% surge in December 2023 compared to the same period in 2022.
Dublin City emerged as the leader in house starts, with 5,000 applications for home construction, a significant increase from 3,061 in 2022. South Dublin County followed with 3,575 applications, and Fingal reported 2,742 applications.
Stockbroker Goodbody predicts that the government’s target of 35,000 homes would be met in the preceding year. Noteworthy is the contribution of scheme housing, which saw a 29% increase in house building, with Dublin alone accounting for a remarkable 92% surge. However, neighbouring counties experienced a decline in scheme housing in the same period.
Despite the surge in construction numbers, the competition for home purchases remains intense, driven primarily by the buying interests of immigrants from India and some Gulf countries. Observers note that the high demand, particularly from fifty or sixty interested Asians for each house, is sustaining the market. Those equipped with funds and local mortgages are eagerly awaiting opportunities to potentially increase house prices by twenty to thirty percent, as indicated by recent consumer surveys. This suggests that, amid growing immigration to Ireland, the likelihood of a significant drop in house prices remains low.
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