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House completions grow 23% in the first quarter

Written by Robert McHugh, on 17th May 2019. Posted in Ireland

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That there were 4,275 new dwelling completions in the first quarter 2019 in Ireland, up 23% year on year (yoy). This is according to the Central Statistics Office (CSO). This takes the total in the twelve months to the first quarter 2019 to 18,828.

Growth continues to be driven by schemes (+27% yoy), although there was an acceleration in growth in both one-off units (+13% yoy) and apartments (+29% yoy). A note of caution
on the annual comparisons is the poor weather experienced in the first quarter 2018 which may have depressed output and flattered the annual comparison. 

Dublin accounted for 35% of new dwelling completions in the first quarter, with Dublin's commuter counties (Mid-East) accounting for another 25%. The overall proportion for the Greater Dublin Area is consistent with recent quarters, but the contribution from the Mid-East has been growing due to urban sprawl.

According to Goodbody Stockbrokers, "The only way to stall this trend is by way of substantial increase in apartments in appropriate locations in the capital. There has been a surge in planning applications for Buy to Rent (BTR) apartments in recent months, but viability issues are likely to result in many of these schemes not coming to fruition."

Source: www.businessworld.ie

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