Residential vacancy rate in Cork marginally lower than national average

THE residential vacancy rate in Cork was 3.8% last month - marginally lower than the national average which hit a record low, according to a new report.

The findings were contained in the latest GeoDirectory Residential Buildings Report published on Wednesday.

Prepared by EY, the report found that the national residential vacancy rate stood at 3.9% in June 2023 - the lowest residential vacancy rate recorded by the GeoDirectory Residential Buildings Report to date.

Dublin was the county with the lowest residential vacancy rate last month, at just 1%.

Meanwhile, the highest vacancy rates were reported in Leitrim (12.2%), Mayo (10.8%) and Roscommon (10.6%) - the only counties with rates above 10%.

Nationally, a total of 21,134 residential properties were classified as derelict in June 2023, representing a fall of 3.5% compared to June 2022.

The highest concentration of derelict properties was located on the west coast of the country, with Mayo registering 13.5% of the national total, followed by Donegal (11.8%) and Galway (8.8%).

Also among the report's key findings, it stated that 2,455 residential buildings were under construction in Cork last month.

Commenting on the latest report, director of EY economic advisory services, Annette Hughes, said the reduction in the national residential vacancy rate and in the number of addresses reported as derelict indicate "that key policy settings and incentives are beginning to have [an] impact".

"However, there is clearly scope for further utilisation of this existing residential stock.

"National policies such as the Vacant Property Refurbishment Grant and the Croí Cónaithe (Towns) Fund, as well as changing working and living patterns post-pandemic could play an important part in delivering this," she added.