New Home Completions Hit 15-Year High in Q1, Up 32.9% to 7,856
New home completions in Q1 reached a 15-year high of 7,856, a 32.9% increase from last year, according to the CSO. Despite strong growth, figures fell short of forecasts due to adverse weather. Dublin saw over 30% of all completions and 70% of apartment completions.
New data from the Central Statistics Office (CSO) shows that 7,856 new dwelling completions occurred in January, February, and March, marking a 32.9% rise from the same period last year. This is the highest number of first-quarter completions since the series began in 2011.
Completions included 2,355 apartments (up 33.3%), 4,082 scheme dwellings (up 34.5%), and 1,419 single dwellings (up 27.8% from 1,110). Scheme dwellings accounted for over half of all completions, apartments for 30%, and single dwellings for 18%.
Davy chief economist Kevin Timoney described the growth as «strong» but noted it fell short of their forecast of 9,660 completions. He attributed the lower-than-expected figures to adverse weather, particularly an unusually wet February. Despite this, Timoney anticipates a strong pipeline of new housing delivery for this year and next, supported by high commencements in 2024 and policy efforts.
All regions saw increases, with the Border region (Cavan, Donegal, Leitrim, Monaghan, Sligo) experiencing the largest rise at 58%. Over 30% of all completions were in Dublin, and 18.7% were in Louth, Meath, Kildare, and Wicklow. Dublin accounted for 1,831 apartment completions, over 70% of the total.