More than 2500 dwellings were added to Cork’s residential building stock in the twelve months to June 2019, according to the latest GeoView Residential Buildings Report.
There were a further 1,478 residential buildings under construction between the city and county in June.
GeoDirectory was jointly established by An Post and Ordnance Survey Ireland (OSi) to create and manage a complete database of commercial and residential buildings. Nationally, 24,773 new residential dwellings were added to the database in the past twelve months, representing 1.2% of the total housing stock. The vast majority were located in urban centres and on the east coast.
One of the authors of the report warned that construction remained too low outside the greater Dublin area and suggested more be done to encourage development in the regions.
“It’s encouraging to see Dublin and the Greater Dublin Area are benefiting from increased construction activity since our last report, having felt the strain of a lack of supply in recent years,” Annette Hughes, Director of EY-DKM Economic Advisory Services said.
“However, with such low levels of construction activity outside of Leinster, this analysis shows that more still needs to be done to encourage more balanced regional development so as to attract talent to areas outside of the capital and achieve the ambitious objectives set out in the National Development Plan.”
The town of Kinsale commanded the highest average residential property price in Cork county, while the average price in Cork in the twelve months to April 2019 was €262,052.
There were 5,916 residential property transactions in Cork in the same twelve months, of which 18.6% were new properties.
Nationally, the average house price in the twelve months to April 2019 was €289,146, an increase of €15,940 or 5.8% on the 2018 figure. Once Dublin is excluded, the average house price is €214,679.
Cork is one of only eight counties to record average prices over €200,000.
The vacancy rate in Cork in June 2019 stood at 4.1%, lower than the national average of 4.8%.
GeoDirectory data also shows the amount of derelict buildings in the country. Focusing on urban areas across the country, there were 1,860 derelict address points. These sites, particularly the ones found in rent-pressure zones, may present opportunities for residential developments in the coming years.
The report found that there were 133 derelict buildings in urban areas in Cork.
“The construction industry is rising to the challenge of demand for housing, but it is clear that there is still some way to go to reach the required level of supply,” said Dara Keogh, chief executive of GeoDirectory.