More than 3,000 new houses built in Cork in 2022

A total of 3,150 houses were built in Cork City and county last year, according to a new property report from MyHome.ie.

There were 358 new dwellings completed in Cork city in Q4 2022, of which just 19 were single dwellings.

A further 244 were in a scheme while 95 were apartments. This brought the overall number of new dwellings completed in Cork city last year to 1,202.

There were 560 new dwellings completed in County Cork in the fourth quarter of 2022. These were made up of 196 single dwellings, 348 in a scheme and 16 apartments. This brought the total number of new dwellings in the county for last year to 1,948.

The latest property report from MyHome.ie in association with Davy also revealed that a total of 454 commencements were made in Cork county in the first two months of this year and a further 131 in the city in the same two-month period.

The report also showed that the number of properties sold in Cork County in the first two months of this year was down 9.1% on the same period last year.

Figures from the Property Price Register show there were 835 sales recorded in the county between January 1 and February 28 this year. This compared with 919 in the same two months last year. In total there were 6,595 properties sold in the county last year.

The latest report also showed that property prices in Cork County have increased by €25,000 in the last year.

The report for Q1 2023 shows that the median asking price for a property in the county now stands at €275,000. While this was unchanged for the third successive quarter, it is up 10% from €250,000 at the end of Q1 2022.

Meanwhile, in Cork City prices were up €15,000 in the last 12 months following a 5.8% increase from €260,000 to €275,000. Despite this yearly increase, prices fell by €4,000 or 1.4% in the last quarter from €279,000 at the end of last year.

The trend in prices in Cork was reflected in the asking price for a three-bed semi-detached house in the county. These were up 9.8% year on year from €255,000 to €280,000 with a 0.4% or €1,000 increase in the last quarter. Prices for this house type haven’t been higher since standing at €299,000 in the fourth quarter of 2008.

Meanwhile, the asking price for a 4-bed semi-detached house in Cork City was up €17,475 or 5.5% in the last year from €320,000 to €337,475. Despite the annual rise, prices fell back by 0.7% from €340,000 in the previous quarter.

Other key findings from the property report showed that the number of homes listed for sale in County Cork was up 0.9% in the last year while the number of homes for sale in Cork City rose by 4% in the last 12 months and that the average time for a property to go sale agreed in the county after being placed up for sale now stands at just over four months.

In Cork City this is just under three and a half months, and this is extended out to just over seven months in West Cork.

The report also showed that Cork West remains ahead of Cork City as the most searched for area in the Rebel County with Cobh replacing Mallow in the top five. The most popular searches in order were Cork West, Cork City, Clonakilty, Kinsale and Cobh.