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'Half of Dublin’s empty homes filled' in last 18 months

Market analysis by Savills suggests that of the 11,000 homes which were empty 18 months ago, 5,600 have been filled.

Image: Eamonn Farrell/Photocall Ireland

AN ANALYSIS OF Dublin’s property market has indicated that over half of the housing units which lay empty 18 months ago have now been filed.

The analysis, carried out by property firm Savills Ireland, found that while 11,000 residential units were unoccupied in March 2010, only 5,400 units were still without residents today.

The company suggested that a booming rental market may be the reason why so many empty units have been filling up.

“The reduction in numbers can be explained by the fact that during the last 18 months, developers, banks and receivers have undertaken to rent out the vast majority of the properties, and the balance have been sold,” Savills director of residential Ronan O’Driscoll said.

He added that rental values in Dublin now appeared to have stabilised, and that the retail market was now showing a high demand for housing and apartments.

Recent CSO figures showed that the average price of an apartment in Dublin had fallen by nearly 60 per cent from its peak, though rental prices are only around by approximately 20 per cent from their peak.

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“There are currently just over 700 new houses built and unsold, and 4,600 apartments,” O’Driscoll added. “The pattern of new units being rented is likely to continue for the next year.”

A housing conference earlier this month was told that the current oversupply of housing in Ireland would not be enough to supply the demand that will be created by the growth in Ireland’s population in the next 15 years.

Property prices continue slide, down 1.6 per cent in August >

Housing conference told: ‘We’ll need to build more new houses’ >

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Gavan Reilly

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