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Housing completions up 14% in third quarter – CSO

There was an increase of 8,452 in new dwelling completions in the third quarter of this year, according to the latest figures from the Central Statistics Office.

This marked an increase of just over 14% on the same period in 2022.

Apartments, at 3,373, made up 40% of all new units. This was a 47.3% increase on the number of apartments completed during the same time a year ago.

The number of dwellings completed as part of schemes of houses was 3,627, an increase of 1.5%. The number of one-off houses fell by 4.7% to 1,452.

Just over 80% of all the apartments completed in the third quarter were in Dublin. Almost all of the completions in the Dublin City area – 97.5% – were apartments.

Today’s figures show that 42.2% of all completions were in Dublin with 19.7% in the Mid-East.

The New Dwelling Completions figures do not include student accommodation. This is down to the statistical methods used by the CSO.

However, based on data supplied by the Higher Education Authority, the CSO reports that 256 new student bed spaces were completed in the third quarter of this year.

Minister for Housing, Local Government and Heritage Darragh O’Brien noted that the number of planning permissions for the first nine months of this year were up, while the number of new build homes commenced was almost 24,000 homes – a 14.3% increase on the same time last year.

“And now, today’s CSO figures on completions show supply is increasing and that we are going in the right direction,” Minister O’Brien said.

Minister for Housing, Local Government and Heritage Darragh O’Brien

He also noted earlier this week that it was reported that the Construction Industry Federation were indicating that next year we could witness the biggest amount of housebuilding since the Celtic tiger era.

“All of this momentum is welcome but we are not complacent. I have always said that there is no one single magic bullet to solve the housing crisis but rather a variety of complementary initiatives and reforms,” the Minister said.

“Whether it’’ planning reforms, new supports for prospective home buyers, cost rental and other initiatives for tenants or incentives to encourage more construction, this Government is leaving no stone unturned to deliver on our targets under Housing for All,” he added.

Dermot O’Leary, Chief Economist at stockbrokers Goodbody, said the outturn was around 1,500 units ahead of his forecast in the quarter.

He added that this means that completions will now likely exceed his 30,000 forecast for the year.

Article Source: Housing completions up 14% in third quarter – CSO – Robert Shortt – RTE

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