Minister for Housing Eoghan Murphy
Further evidence that housing supply is increasing and house prices are levelling off https://t.co/WiL2wafehS
— Leo Varadkar (@LeoVaradkar) May 16, 2019
Summary of new report on ‘new dwelling completions’ from the Central Statistics Office; tweet from Taoiseach Leo Varadkar
New figures from the Central Statistics Office state there were 4,275 “new dwelling completions” in the first quarter of this year.
According to the CSO the figure “is based on the number of domestic dwellings connected by the ESB Network to the electricity supply and may not accord precisely with Local Authority or Eircode Routing Key boundaries”.
Over the same period last year, there were 3,470 such completions.
These look good. But I’d be careful about inferring too much from y-on-y comparisons here. Weather was brutal in Q1 last year (Emma, Beast from the East) we lost ~2 weeks and it showed in the data – so the base effect is big. We’ll have a better view of momentum in Q2. https://t.co/jFoA4QeWGF
— Gerard Brady (@GerardBrady100) May 16, 2019
Daft.ie’s report from earlier this week on the first quarter of this year and the rental market stated:
“…the level of supply needed for rents to not change is about 13,000 per quarter, or 1,000 per week. Currently, the Dublin market is getting half that – about 500 per week.
“To close that gap, Dublin needs to build tens of thousands more rental homes. How many depends on how frequently these change tenants.
“Suppose the average tenancy last three years, which is somewhat shorter than is currently the case (and thus lowering the total number of homes needed).
“In that case, Dublin would need build an extra 500 rental homes to come on the market each week for those full three years, to close the gap between the 500 that are coming on and the 500 that are needed.
“That’s almost 80,000 rental homes that Dublin needs to build, as soon as possible.”
Read the CSO report in full here