The residential vacancy rate in Galway was 6.0% in June 2023, which was higher than the national average of 3.9%.
This is according to the latest GeoDirectory Residential Buildings Report released this week.
However, Galway also has the third highest number of derelict properties in Ireland, accounting for 8.8% of the national total.
The report, prepared by EY, found that the national residential vacancy rate stood at 3.9% in June 2023, representing a decline of 0.3 percentage points from June 2022. This is the lowest residential vacancy rate recorded by this report to date.
Dublin was the county with the lowest residential vacancy rate in June 2023, at just 1.0%, with Kildare (1.2%), Waterford (2.3%), Meath (2.3%) and Louth (2.5%) all registering rates of 2.5% or lower.
The highest vacancy rates were reported in Connacht, with Leitrim (12.2%), Mayo (10.8%) and Roscommon (10.6%) the only counties with rates above 10.0%.
In Ireland, a total of 21,134 residential properties were classified as derelict in June 2023, representing a fall of 3.5% compared to June 2022.
The highest concentration of derelict properties was located on the west coast of the country, with Mayo registering 13.5% of national total, followed by Donegal (11.8%) and Galway (8.8%).
Residential Property Prices
The average residential property price in Galway was €316,591 in the twelve months to May 2023, lower than the national average of €366,291.
There were a total of 2,200 residential property transactions in Galway in the twelve months to May 2023, and 15.0% of these were new builds.
The highest average property prices were recorded in Dublin, at €538,168, followed by Wicklow (€470,779) and Kildare (€387,046) as the only other counties above the national average.
New Address Points and Buildings Under Construction
945 new residential address points were added to the GeoDirectory database in Galway in the twelve months to June 2023, while 1,026 residential buildings were under construction in Galway in June 2023.
Nationally, 22,842 residential buildings were under construction in June 2023, representing only a modest increase of 2.0% compared to the same period in 2022.
Dublin was the county with the highest proportion of residential buildings under construction at 17.2% of the national total, followed by Kildare (15.0%), Cork (10.7%) and Meath (6.7%).
Commenting on the report, Dara Keogh, Chief Executive of GeoDirectory said, “While the latest report highlights a decrease in the number of new address points recorded in the last year, we have seen increased utilisation of the housing stock and an increase in the pipeline of new housing stock under construction.”
The drop in output over the last 12 months may be due to material supply issues, inflationary pressure on the construction sector along with rising interest rates.”
“As a result, supply in the housing market remains tight, and demand is high, which has forced the national vacancy rate below 4.0% for the first time since GeoDirectory has started tracking residential vacancy rates.”
