EY Predicts Irish Housing Completions Will Be Down In 2024
Irish housing completions will be lower in 2024 than last year, according to EY research. It estimated there will be 32,000 new houses built in 2024, 695 fewer than in 2023.
However, EY-Euroconstruct predicted that the number of houses built in Ireland will rise to 38,000 next year and to 40,000 in 2026, with Ireland’s completion rate remaining high by European standards.
Overall, Irish construction output is projected to grow by 1.4% in 2024 and by 6% in 2025, the third-highest rate in the Euroconstruct area of 19 European countries this year and the highest next year.
Among the 19 countries surveyed, Ireland’s completions per 1,000 people, at 5.9 in 2024 and 7 in 2025, are forecast to be more than 80% above the average this year and 127% above the average in 2025.
“The expected 2024 outturn represents a slight reduction on the previous Euroconstruct forecast in June,” EY Economic Advisory Director Annette Hughes said in a statement. “This can be largely attributed to delays in the delivery of projects due to some infrastructure bottlenecks, funding and staffing challenges, as well as viability issues.
“Positively, many of these issues are being addressed, with the temporary waiver of development contributions leading to a significant surge in commencements that we expect to feed into completions in 2025 and 2026. To enable this level of delivery, maintaining a laser focus on delivery and speedily addressing any infrastructure and other bottlenecks will be key.”
Arguably the largest driver of new homes this year has been the Land Development Agency, which has announced that it is opening the application process for 195 cost rental homes in Shanganagh Castle Estate in Shankill, a joint housing project delivered with Dún Laoghaire-Rathdown County Council.
The 195 homes include 19 studio apartments, 40 one-beds, 107 two-beds and 29 three-beds, with monthly rents between €1,175 and €1,775.
