Dublin drives up property construction

Photo: j0sh (www.pixael.com)

A report from Lin2Plans found that in the first nine months of 2014, there were 264 multi-unit development projects commenced, worth a total €1.47bn – 300 per cent higher than the same period in 2013.

The new homes, though, are not spread evenly across the country, with Dublin dominating activity, Link2Plans’ managing director Danny O’Shea cautions: "Dublin has seen a fourfold increase in the number of residential developments in the same period".

Indeed, the city saw 108 new projects commenced, accounting for 40 per cent of the whole country's total.

These new starts, though, were concentrated in the first three months of 2014.

Either way, notes Property Abroad, Ireland is "well below the Economic and Social Research Institute (ESRI)’s estimate of the number of new homes the country is likely to need".

Indeed, the ESRI forecasts that Dublin will need 54,000 new homes in the next six years, equating to approximately 7,000 homes per year.