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The number of new homes completed last year fell, official data has confirmed. There were 30,330 new dwelling completions in the whole of 2024. That was down 6.
7pc from the previous year. In 2023 the total was 32,695. Taoiseach Simon Harris and Housing Minister Darragh O’Brien both claimed before the general election that the number of new homes finished in 2024 would be close to 40,000.
The level of completions is below what was the old target of 33,450 set out in the Housing For All plan. That number is already regarded as obsolete with a revised 50,000 target now widely accepted in official circles and some estimates putting real need higher again. The official data shows a particularly sharp fall in the number of apartments completed last year – down 24.
1pc. However, there were 16,200 scheme dwelling completions in 2024, a rise of 4.6pc from 2023 – pointing to a revival of ‘own door’ starter home schemes.
There were 5,367 single dwellings completed in 2024, down very slightly. More than half of completions for the full year of 2024 were in Dublin or the surrounding counties of Kildare, Louth, Meath and Wicklow. By Local Electoral Area, the greatest number of completions was Donaghmede in Dublin.
The stark figures out the number of new homes completed last year behind even conservative estimates at as low as half the level industry experts say are needed to meet new and existing demand. Commenting on the new data, Ian Lawlor, managing director of Roundtower Capital, a lender to the construction sector, said they come at a critical juncture for the Irish housing crisis. "The last coalition government missed its housing targets.
Unless planning delays, water and electricity connection delays and high building costs are tackled head on by the new government, they too will fall way short of their housing targets and those struggling to get onto the property ladder will only continue to do so.” Economists at the Central Bank revised down their forecasts for housing completions in September to 32,000, but that lower rate has been missed. The drop in the number of completions last year contrasts with a rise in commencements – homes beginning construction.
The number of new homes under construction almost doubled to 60,000 units in 2024, mostly in greater Dublin, according to Goodbody Analytics.That was up from 32,801 units started in 2023. Building commencements record the formal initiation of work on construction sites.
The surge in commencement notices was significantly aided by waivers on development levies and rebates on water charges, originally due to expire last April, but which have been extended to the end of the year. The waivers mean builders do not have to pay local authority development charges for residential projects and can claim refunds on water infrastructure levies if they can deliver completed homes by the end of 2026. The Government has said the combination of waiver and refund shaves an average of €12.
500 off the cost of building a new home..
