Speaking today at the Irish Banking Federation’s Mortgage Conference, Batt O’Keeffe, T.D., Minister for Housing, Urban Renewal and Developing Areas, announced that the total number of houses and apartments completed in 2007 was 78,027, down from 93,419 in 2006. He said that while the 2007 total higher than some predictions, is close to the outcome anticipated in the Construction Industry Review produced for the Department of the Environment, Heritage and Local Government last year.

There were 17,725 houses/apartments completed in Dublin, and 24,974 were built in the Greater Dublin Area (Dublin, Kildare, Meath and Wicklow) in 2007.

25% of the houses built in 2007 were single houses, with the remainder developed across schemes of varying sizes. Apartments accounted for 24.1% of all new completions in 2007.

The Irish Auctioneers and Valuers' Institute said earlier this month that that 40,000 apartments are vacant in Dublin. 

Commenting on recent house market trends, O’Keeffe said “the adjustment that is now taking place in the housing market involves some pain, but there will also be gains, particularly in terms of better housing affordability and also reduced pressure on cost competitiveness in the overall economy, which is vital to our continued success.”

The Minister urged the construction industry and the mortgage sector to consider the strength of underlying demand for housing and positive factors such as improved affordability, boosted by Government measures such as significant increase in mortgage interest relief and stamp duty reform.

O’Keeffe also noted a number of positive findings in recent market surveys carried out for the IBF, including reports that first time buyers’ market share is holding up well, that they tend to regard their purchase as a home for the medium or long term and that the mortgage market is now growing at a more sustainable level. On this point, the Minister expressed a hope that “lessons have been learned from the effects of recent trends in housing market activity and mortgage lending”.

Table 1 attached outlines house completions by county for 2007 while Table 2 sets out the number of house completions over the last 14 years. Table 3 shows house completions by type and Table 4 gives registrations by county for 2007.

Table 1: New House Completions - 2007

Table 2: House Completions by year