Limerick showed above average residential vacancy rates in 2023

Derelict houses

LIMERICK had an above average residential vacancy rate in 2023, according to figures from GeoDirectory.

The residential vacancy rate in Limerick in 2023 stood at four per cent, slightly above the national average of 3.9 per cent.

The GeoDirectory report, prepared by accountancy firm EY, also showed that 924 new address points in Limerick were added to the directory last year.

865 residential buildings were under construction across the county in December 2023, while there was over 1,700 property transactions in Limerick throughout the year.

Nationally, the residential vacancy rate dropped by 0.1 per cent, now standing at the lowest figure since GeoDirectory reporting started in 2013.

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There were 81,449 vacant units identified nationwide, with the highest residential vacancy rates found in Leitrim, Mayo, and Roscommon.

Leitrim had a 12 per cent residential vacancy rate, Mayo had a 10.7 per cent rate, while Roscommon’s residential vacancy rate stood at 10.4 per cent.

Dublin, Kildare, Meath and Waterford had among the lowest rates around the country.

The vacancy rate in nation’s capital stood at just one per cent, followed by Kildare at 1.1 per cent. Meath was at 2.4 per cent and Waterford showed a 2.5 per cent vacancy rate.

The GeoDirectory Residential Buildings report also found that the number of derelict residential address points fell by 7.9 per cent in the 12 months to December 2023, with a total of 20,780 derelict units identified across Ireland.

Dara Keogh, CEO of GeoDirectory, said: “Over the past 12 months, we have seen increases in the number of buildings under construction and new residential address points across the state, which is a positive development. The report has also identified a continued drop in the number of vacant and derelict properties, which would indicate that efforts and policies to bring these units into the housing stock are having an impact.”

Annette Hughes, director of EY Economic Advisory Services, said: “The latest GeoDirectory Residential Buildings Report shows continued progress in increasing housing supply and reducing the number of vacant and derelict properties right across the country.”

“Encouragingly, we are seeing all of the key the indicators pointing in the right direction, including construction (up 3.5 per cent), new address points added (up 0.8 per cent), as well as lowest recorded vacancy rate since 2013 and further significant reductions in dereliction (down 7.9 per cent).

“The lagged effect of national policy frameworks and incentives is becoming visible in the data, however it is crucial that the momentum is maintained.”