In the twelve months leading up to June 2024, Cork recorded 3,621 new residential address points, with an additional 2,844 residential buildings under construction by the end of that month.

Cork had the second-highest number of new addresses under construction, just behind Dublin. GeoDirectory data shows that 2,985 buildings were under construction in Dublin by the end of June, only 141 more than Cork despite the significant population difference.

Further good news for Cork is that while the city centre faces a noticeable vacancy and dereliction problem, the residential vacancy rate in Cork is below the national average. Nationally, the vacancy rate remained at a record low of 3.9%, with Cork slightly better at 3.7%.

Dublin recorded the lowest vacancy rate at 1.2%, while Leitrim had the highest at 12%, ten times that of the capital.

As of June 2024, there were 20,413 residential buildings classified as derelict nationwide, with 6.4% of these located in Cork.

In May 2024, the national average house price was €381,749. Dublin had the highest average property transaction price at €542,240, while Longford had the lowest at €182,713. In Cork, the average property transaction price was €347,357.

The report, analysing CSO house price data and the latest rent price data from Daft.ie, found that in May 2024, the average mortgage repayment for a new dwelling was €1,723, compared with the average market rent of €1,836 in Q1 2024. This is higher than the latest average monthly rent of €1,595 reported by the Residential Tenancies Board for Q4 2023.

Dara Keogh, CEO of GeoDirectory, said, “We have seen a significant increase of over 17% in the number of new address points recorded over the past twelve months. Combined with the number of buildings under construction, this suggests a strong performance in housing delivery for 2024.

“However, demand continues to outpace supply despite considerable progress, with the average house price increasing in every county except Monaghan, where house prices nationally now average €381,749. Vacancies are at record low levels, but the total number of residential property transactions fell by 5.8% year on year.”