654 new homes built in Limerick over past year

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Aoife Duke and Seamus Hanrahan of Limerick City and County Council's Housing Development Directorate promoting the Turnkey programme which gets stalled planning permissions up and running by buying the properties from developers to increase the local housing stock. Photo: Brian Arthur
Aoife Duke and Seamus Hanrahan of Limerick City and County Council's Housing Development Directorate promoting the Turnkey programme which gets stalled planning permissions up and running by buying the properties from developers to increase the local housing stock. Photo: Brian Arthur

A TOTAL of 654 new homes were added to Limerick’s housing stock in the twelve months to the end of June.

That’s according to figures released by GeoDirectory, which also showed that 409 new residential buildings were under construction in Limerick on June 30.

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The GeoView Residential Buildings Report also revealed that Limerick’s vacancy rate stands at five per cent, higher than the national average of 4.8 per cent.

The average house price in Limerick in the twelve months to April 2019 was €199,659 and Limerick city had the highest average residential property price in the county

There were 2,055 residential property transactions in Limerick in the twelve months to April 2019 and 12.6 per cent of them were in respect of new properties.

654 new dwellings in Limerick were added to the GeoDirectory database in the twelve months to June 2019, according to the report which was prepared by EY-DKM Economic Advisory on behalf of GeoDirectory.

Nationally, 24,773 new residential dwellings were added to the GeoDirectory database the past twelve months, representing 1.2 per cent of the total national residential housing stock. The vast majority of these addresses were located in urban centres and on the east coast.

More than half of the total new addresses were added in the Greater Dublin Area, with 7,319 (29.5 per cent) of these found in county Dublin.

The report shows that 409 buildings were under construction in Limerick in June 2019. Nationally, 14,107 buildings were classified as under construction last month, a 52.5per cent increase on the same period last year.

There were 2,055 residential property transactions in Limerick, in the twelve months to April 2019, with an average price of €199,659. 12.6 per cent of these were for new properties. Limerick city is the town with the highest average property price in the county.

The report found that there were 52 derelict buildings in urban areas in Limerick.

GeoDirectory chief executive Dara Keogh said the construction industry was rising to the challenge of demand for housing, but it is clear that there is still some way to go to reach the required level of supply.

“With such low levels of construction activity outside of Leinster, this analysis shows that more still needs to be done to encourage more balanced regional development so as to attract talent to areas outside of the capital and achieve the ambitious objectives set out in the National Development Plan,” he explained.