Residential vacancy rate in Cork slightly below national average, report finds 

The residential vacancy rate in Cork was at 3.6% at the end of 2024 which was lower than the 3.8% national average, according to the latest GeoDirectory Residential Buildings Report.

The highest vacancy rates in the country were found in the west of Ireland with Leitrim (11.8%), Mayo (10.6%), Roscommon (10.3%), Donegal (9.0%) and Sligo (8.2%) recording the largest proportions of vacant residential properties. A total of 3,730 new residential address points were added to the GeoDirectory database in Cork throughout 2024.

Nationally 34,686 new address points were recorded last year.

There were 3,002 buildings under construction in the county of Cork in December 2024.

Nationally, the largest share of buildings under construction were in Dublin at 18.7% (4,162 buildings).

A total of 20,092 residential address points across Ireland were classified as derelict in Q4 2024, with 6.4% of these properties located in Cork.

Meanwhile, the average residential property price in Cork was at €363,419 in the 12 month period between November 2023 and November 2024.

Speaking about the findings of the latest GeoDirectory Residential Buildings Report, Dara Keogh, CEO of GeoDirectory said: “There was a substantial increase in the number of residential address points added to the GeoDirectory database throughout 2024.

“The number of buildings under construction has remained relatively stable, indicating that the strong pipeline of new homes will continue into 2025.”

Annette Hughes, director at EY Economic Advisory, said while the number of new address points “increased significantly” last year, “it will be critically important going forward to ensure the right policies, housing supports, and infrastructure are in place to accelerate the delivery of housing supply for all tenures in the right locations”.