Limerick home vacancy rate above national average

The Toll Cottages at Verdant Place in Limerivk City were among the vacant homes acquired by Limerick City and County Council last year.

THE number of vacant residential units in Limerick was above the national average at the end of 2022, according to the latest residential buildings data.

The GeoDirectory Residential Buildings Report, compiled in association with EY, shows the residential vacancy rate in Limerick was 4.3 per cent, which was marginally higher than the national average of 4 per cent.

In the twelve months to last December, 636 residential buildings were under construction in Limerick while a further 787 new residential addresses were added to the GeoDirectory database in the city and county.

The 787 new address points represents a 44 per cent increase compared to the corresponding period in December 2021.

There were 1,698 residential property transactions in the city and county in the year to the end of October with an average sale price of € 255,241. This was significantly lower than the national average of €354,060

Sign up for the weekly Limerick Post newsletter

The average cost of a residential property in Dublin was €526,910, while Longford was the county with the lowest average price at €162,990. When Dublin is excluded from the data, the national average house price falls to €270,855.

GeoDirectory chief executive Dara Keogh said the data shows that construction activity and supply of housing stock increased significantly in 2022, but it is still lagging well behind the current rate of demand.

“The number of residential buildings under construction and additions to the housing stock over the past twelve months would indicate that the sector has moved past the disruption brought about by Covid-19.”

EY Economic Advisory Services Director Annette Hughes said the residential vacancy rate of 4 per cent is the lowest recorded by GeoDirectory to date.

“However, this figure highlights a national imbalance of low vacancy rates and high demand in Dublin and surrounding counties, contrasted by considerably higher vacancy rates in the west of the country,” she explained.