There were 1,182 residential buildings under construction in Galway as of the end of 2022.
That’s according to the latest GeoDirectory Residential Buildings Report, which states that there were 1,150 new residential address points in Galway added to their database last year.
The building activity in Galway last year represents a 35% increase on the same period in 2021.
Dara Keogh, CEO of GeoDirectory said, “The data shows that construction activity and supply of housing stock increased significantly in 2022, but it is still lagging well behind the current rate of demand.”
“The number of residential buildings under construction and additions to the housing stock over the past twelve months would indicate that the sector has moved past the disruption brought about by Covid-19.”
The report, prepared in association with EY, also found that Galway had a residential vacancy rate of 6.1% as of last December, above the national average of 4%.
Dereliction is also above average in Galway, with 8.7% of the country’s 21,481 derelict buildings found here.
That’s the third highest proportion in the country behind Mayo (13.5%), and Donegal (11.9%).
Annette Hughes, Director of EY Economic Advisory Services said, “At a national level, the residential vacancy rate of 4.0% is the lowest recorded by GeoDirectory to date.”
“However, this figure highlights a national imbalance of low vacancy rates and high demand in Dublin and surrounding counties, contrasted by considerably higher vacancy rates in the west of the country.”
Of the 22,008 residential buildings under construction nationally in December 2022, almost one-in-five (18.4%) were located in Dublin.
Construction activity was also strong in Kildare, which accounted for 13.9% of the overall total. 62.0% of all residential buildings under construction were located in the Leinster region.
The national average vacancy rate dropped 0.4 percentage points to 4.0% in December 2022, the lowest figure recorded by GeoDirectory to date.
The highest residential vacancy rates were located in the west of the country, with Leitrim (12.2%), Mayo (11.2%) and Roscommon (10.7%) all recording residential vacancy rates of over 10%.
At 1.2%, Dublin recorded the lowest residential vacancy rate in the country in December 2022, with counties within the capital’s commuter belt all registering notably low vacancy rates, Kildare (1.3%), Louth (2.3%) and Meath (2.4%).