New figures released today by the Central Statistics Office (CSO) show that new Irish housing supply continues to increase at a fast pace from a low level.
There were 13,376 completions in the first 11 months of 2016 with the monthly total of 1,579 in November, the highest since December 2009.
Greater Dublin accounted for 46% of the housing starts in the 11 months, having grown by 32% year on year (yoy). However, strong growth was seen across the country with starts in the Mid-West up by 117% yoy and 73% yoy in the Midlands in particular.
According to Goodbody Stockbrokers, "These are all exceptional growth rates, but must be seen in the context of the low level that they are coming from. Our own housing demand forecast is c.31,000 per annum, this compares to our completions forecast for 2017 of 18,500 (recently revised upwards). The multi-year growth period for housing supply has a lot more to run, aided by ongoing demand, loosening credit conditions, foreign capital and government initiatives."
Source: www.businessworld.ie
