Work began on more than 33,000 new homes across Ireland last year.
That’s according to a new analysis by stockbroking firm, Goodbody, who estimate that more than 34,500 houses will be delivered in 2024, with the average house price rising by 2.8% to €356,000.
Goodbody estimate that construction began on 3,432 units in December, which was up 91% year-on-year.
"Data on commencements is only available from 2014, but other data confirms that this is the highest level of residential construction in Ireland in the post-GFC [global financial crisis] period,” Goodbody’s chief economist Dermot O’Leary said.
Around 42% of commencements were located in the Dublin region, followed by 17% in the mid-east region. A total of 12% were in the south-west of the country.
Scheme housing also recorded a 29% increase in commencements last year, with 92% of these homes set to be based in Dublin.
The commuter counties outside Dublin in the mid-east region saw a reduction in scheme housing commencements last year despite strong demand for housing among workers.
However, despite the overall rise in commencements in 2023, Goodbody wrote that housing supply is expected to remain well below the need of the current Irish population.
“Given the demand for affordable housing, insufficient fully serviced land may be the constraint here in the context of housing targets which are too low nationally,” Mr O’Leary said.
“This is an issue we will hear more about this year as household formation projections are reviewed by the government,” he added.
Find your new home now at MyHome.ie.