The number of completed apartments exceeded 41,000 for the first time since the disaster
2 mins read

The number of completed apartments exceeded 41,000 for the first time since the disaster

According to the EY-Euroconstruct report published before the large conference in Stockholm, the pace of construction of new residential houses in this place may significantly exceed the pace of construction of new residential houses in this place.

Researchers at EY-Euroconstruct have revised upwards their forecasts for building completions this year to 36,000 and 41,000 in 2025. These figures exceed the target of 35,000 homes per year under existing government policy, but are below the target of 50,000 , which is to be adopted by the Coalition.

In December, Euroconstruct forecast that 33,450 new apartments would be completed this year.

Director at EY Economic Advisory and Euroconstruct member Annette Hughes said the number of completions next year would be the highest since 2008 and ahead of the European trend.

“The rate of growth in new housing in Ireland, the fastest in Europe, measured on a population basis, represents a significant difference to the European average assessed by Euroconstruct members, where supply is expected to decline in both 2024 and 2025.” she said.

She cited a number of factors contributing to the acceleration of production, including policy interventions to speed up deliveries and reduce construction costs, particularly in the delivery of affordable and high-cost rental housing, and the shift in the construction sector from office to residential projects.

“The extension of temporary exemptions (local authority fees), which have resulted in a significant increase in the number of commencement notices in recent months, is expected to result in the highest level of completions since 2008 next year,” she said.

The report shows that the number of apartments completed in Ireland will be the highest per capita among the 19 European countries surveyed.

Overall construction output in Ireland is expected to grow by 3.9% this year and 5.7% in 2025.

Total Irish construction output, which also includes non-residential construction and civil engineering, is forecast to increase but non-residential construction will remain unchanged.

Total construction activity in Euroconstruct’s 19 countries is expected to contract by 2.7% in 2024 before growing by 1.3% next year as the interest rate environment changes.

EY Ireland is the Irish member of Euroconstruct, an independent construction forecasting network operating in 19 European countries, which is hosting its 97th conference today in Stockholm, Sweden.