Nearly 27,000 new housing units will be delivered this year, new figures from Baking and Payments Federation Ireland (BPFI) suggest.
The latest BPFI housing market monitor shows that housing supply recovered significantly last year after lower-than-expected output in 2020 and 2021 due to the pandemic.
Almost 30,000 new homes were completed last year, up 45% on 2021 and 41% on 2019.
Today’s figures show that activity was very strong in the last quarter of 2022 with 9,148 completions.
Dublin experienced the greatest rise in completions last year, at 65.1%, most of which was accounted for by apartment completions.
The data shows that apartment completions accounted for over 30% of all completions last year and these completions increased by around a third during the year, whereas scheme completions accounted for just over half of all completions.
The number of apartments completed in 2022 was greater than the number of apartments completed in the previous two years combined.
According to BPFI, commencement figures for the previous year give a good indication of expected completions for the following year.
Nearly 27,000 housing units were commenced last year, similar to the levels in 2019 pre-pandemic.
The data shows that commencement figures for this January were positive, with 2,108 housing units started during the month – the highest level recorded in any January period since 2008.
The recovery in housing supply last year was also reflected in activity in the mortgage market.
There were 52,634 mortgage drawdowns valued at €14.1 billion in 2022 – the highest level of drawdowns since 2008.
There was a significant increase in switching activity last year, which accounted for nearly 28% of all drawdowns compared to 14% in 2021 in volume terms.
Meanwhile the latest data on the Help to Buy (HTB) scheme, which supports First Time Buyers (FTBs)