Wicklow's Residential Vacancy Rate Was 3.5% In June 2023.

The average residential property price in Wicklow was €470,779 in the twelve months to May 2023.

The residential vacancy rate in Wicklow was 3.5% in June 2023, which was lower than the national average of 3.9% according to the latest GeoDirectory Residential Buildings Report released today.

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 the GeoDirectory Residential Buildings 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 Wicklow was €470,779 in the twelve months to May 2023, higher than the national average of €366,291. There was a total of 1,759 residential property transactions in Wicklow in the twelve months to May 2023 and 33.8% 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.

At €174,436 Longford was the county with the lowest average residential property price. Leitrim (€178,571), Roscommon (€181,402) and Donegal (€192,679) were the only other counties where the average price was below €200,000.

New Address Points and Buildings Under Construction

1,447 new residential address points were added to the GeoDirectory database in Wicklow in the twelve months to June 2023, while 1,094 residential buildings were under construction in Wicklow 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%).

In total, the Greater Dublin Area, consisting of Dublin, Meath, Kildare and Wicklow, accounted for 43.7% (9,965 buildings) of the total number of buildings under construction nationally in Q2 2023.

Commenting on the findings of the Q2 2023 Residential Buildings 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.”

Annette Hughes, Director of EY Economic Advisory Services said,

“The latest GeoDirectory Residential Buildings analysis finds a significant reduction in the national residential vacancy rate, which at 3.9% (81,712) is the lowest figure recorded to date. Moreover, the number of addresses reported as derelict was down 3.5% reduction to 21,134. These are significant reductions, indicating that key policy settings and incentives are beginning to have impact. However, there is clearly scope for further utilisation of this existing residential stock. National policies such as the Vacant Property Refurbishment Grant and the Croí Cónaithe (Towns) Fund, as well as changing working and living patterns post pandemic could play an important part in delivering this.”