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More than 1,000 new homes were completed in Galway last year, with the same amount under construction in December 2023.
In the twelve months to December 2023, 1,057 new residential address points in Galway were added to the GeoDirectory database.
The latest GeoDirectory Residential Buildings Report also shows that 1,072 residential buildings were under construction in Galway last December.
The report, prepared by EY, found that Dublin and Leinster counties continue to record the highest levels of new construction activity in Ireland.
Of the total number of residential buildings under construction in December 2023, 15.7% were in Dublin. After Dublin, building levels were highest in Cork (12% of total), Kildare (11.9%) and Meath (6.2%).
Dara Keogh, CEO of GeoDirectory said, “Over the past twelve months we have seen increases in the number of buildings under construction and new residential address points across the State, which is a positive development.”
“The report has also identified a continued drop in the number of vacant and derelict properties, which would indicate that efforts and policies to bring these units into the housing stock are having an impact.”
The residential vacancy rate in Galway was 5.9% in December 2023, higher than the national average of 3.9%.
Galway was still doing far better than the other counties in the west of Ireland, which saw the highest levels of vacancy in the country.
The highest residential vacancy rates were found in Leitrim (12%), Mayo (10.7%) and Roscommon (10.4%).
For the past two quarters, the overall residential vacancy rate in Ireland has been below 4%, the lowest level recorded by GeoDirectory since reporting started in 2013.
Galway, however, had the third-highest proportion of derelict address points, with Mayo registering the highest concentration, at 13.7% of the national total, followed by Donegal (11.7%) and Galway (8.7%).
There were 2,263 residential property transactions in Galway in the twelve months to October 2023, with an average property price of €323,199.
The average residential property price increased by 4.7% to €370,709 in the twelve months to October 2023, with the average price rising in every county.
