Latest figures show new home completions climbed 20,807 during the first three quarters of the year, surpassing the total for the all of 2021. More than one in eight single dwelling completions were in Cork during the first nine months of 2022. Picture: PA
New figures from the Central Statistics Office (CSO) indicate the Housing for All target for 2022 will be met.
New home completions climbed 20,807 during the first three quarters of the year, surpassing the total for the whole of 2021.
“Total completions in the previous four quarters up to Q3 2022 amount to 27,773, suggesting that Housing for All’s target of close to 25,000 completions in 2022 will be met,” said Director of Property Industry Ireland Dr David Duffy.
Housing for All aims to increase the supply of housing to 33,000 per year to 2030. Its goal for this year was to reach 25,000 units.
Last month, The Society of Chartered Surveyors Ireland (SCSI) said new housing output will need to steadily increase to 45,000 units per annum by the end of the decade if housing targets outlined in the Government’s plan are to be achieved in its lifetime.
Dwelling completions across the country increased by 50% in the first nine months of 2022 compared with the same period last year.
Apartment completions increased by 153% to 2,445 in Q3, compared with the same quarter last year, with scheme dwellings rising 44% to 3,569 and single dwellings up 27% to 1,530.
These developments increased by more than 30% in all regions of Ireland from Q3 last year, with a 113% increase in Dublin.
More than one in eight single dwellings were in Cork.
“The new home delivery environment is challenging. Energy and input costs have risen substantially, negatively affecting viability,” said Mr Duffy.
“Rising interest rates have impacted on the funding environment. Given these challenges, it is important that the public and private sector continue to collaborate to address the barriers to supply such as the need to urgently reform the planning system,” he added.
There has also been a significant level of construction output in the student accommodation sector, according to the CSO.
These are generally connected to the ESB Network as commercial connections and are therefore not included in the ESB domestic connections dataset used for the new dwelling completions.