Over 6% of residential properties in Galway are vacant

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Galway Daily news Over 6% of residential properties in Galway are vacant

More than 6 percent of homes in Galway were vacant last month, fifty percent higher than the national average.

The latest GeoDirectory Residential Buildings Report found that Galway had a residential vacancy rate of 6.1% in June of 2022, above the national average of 4.2%.

In Galway, 1,184 residential buildings were under construction in June 2022, and 1,400 new residential address points were added to the GeoDirectory database in the twelve months up to that month.

There were 2,152 residential property transactions in Galway in the year up to last May, 13% of which were new dwellings. The average property price in the county was €288,197.

Commenting on the findings of the report, Dara Keogh, CEO of GeoDirectory said, “The level of residential construction has increased significantly over the past twelve months as Covid-19 public health measures on the construction sector were gradually eased then removed.”

“This activity indicates a strong pipeline of residential properties that we would expect to enter the market in the months ahead.”

“The GeoDirectory Residential Buildings Report found that the number of vacant properties has also fallen in the last year, although when combined with derelict properties, there are still over 100,000 potential properties which could re-enter the market.”

The twice-annual residential buildings report, prepared by EY, found that a total of 86,708 residential buildings were classified as vacant across Ireland by GeoDirectory, a 5.9% drop when compared to the previous year.

Dublin was the county with the lowest vacancy rate in the country at 1.5%, closely followed by Kildare at 1.6%. Meath (2.5%), Waterford (2.6%) and Louth (2.6%) all recorded residential vacancy rates under the 3.0% mark. 

Nationally, a total of 34,198 new residential addresses were added to the GeoDirectory database in the twelve months to June 2022.

This represents an increase of 34.1% on the total recorded between June 2020 and June 2021. 

Dublin had the largest share of new address points, with 12,288 addresses added (35.9% of the total), followed by Cork (9.5%), Kildare (9.1%), Meath (6.7%) and Wicklow (5.2%).