24 residential buildings under construction in in Leitrim in December 2019

Leitrim Observer reporter

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24 residential buildings under construction in in Leitrim in December 2019

Leitrim has the lowest level of construction in the country

24 residential buildings were under construction in Leitrim in December 2019, according to the latest GeoView Residential Buildings Report, published by GeoDirectory and EY-DKM today.

The counties with the lowest levels of construction activity were located in the north-west and midlands in December 2019. Leitrim (24), Longford (88), Roscommon (96) and Sligo (96) registered the lowest number of buildings under construction.

The majority (49.2%) of the buildings were located in Dublin and surrounding counties of Meath, Kildare and Wicklow, further emphasising the capital’s role in driving residential construction activity.

67 residential addresses in Leitrim were added to the GeoDirectory database in 2019. Dublin accounted for almost a third of all new address points in 2019, with 6,189 in total. Cork registered the second highest total with 2,146 (10.5%), while commuter counties Kildare (1,988) and Meath (1,452) also recorded significant numbers of new dwellings. In overall terms, 65.1% of all additions to the GeoDirectory database in 2019 were located in Leinster.

At the other end of the scale, Longford (53), Leitrim (67), Cavan (169), Roscommon (176) and Sligo (180) recorded the lowest number of new residential addresses.

Leitrim Trends in Property Prices 2009-2019

Analysing property prices over the past decade highlights the volatile nature of the property market over this period. In 2010 the average residential property price in Leitrim was €145,530, decreasing by 16% to €121,635 in 2019.

The past decade has seen a considerable rise in the number of residential properties in Ireland selling for more than €1 million. In 2019, 751 residential property sales broke the €1 million barrier. This equated to €2.3 billion worth of sales, averaging €3.1 million per property. In 2010, 186 residential properties were sold for over €1 million, equating to €340.5 million in total and an average of €1.8 million per property.

Leitrim Property Transactions and Average Prices Q3 2019

There were 383 residential property transactions in Leitrim in the 12 months to October 2019, with an average property price of €121,410. The average residential property price nationally was €290,209. Carrick-On-Shannon had an average residential property price of €123,105.

Leitrim Residential Vacancy Rates

Leitrim’s vacancy rate stood at 15.3% in December 2019, 10.6% higher than the national vacancy rate of 4.7%.

The highest vacancy rates were found in the mid-west and north-west of the country, notably in  Leitrim (15.3%), Roscommon (13.3%), Mayo (12.8%), Donegal (10.4%) and Sligo (10.3%). However, in the case of Leitrim, the vacancy rate declined by 0.5pp compared to 2018. Overall, 18 of the 26 counties recorded declines in residential vacancy rates.

Dublin remains the county with the lowest residential vacancy rate at 1.3%. Neighbouring counties Kildare (2.2%) and Wicklow (3.2%) also recorded considerably low vacancy rates. Of the 12 counties in Leinster, 10 counties recorded vacancy rates lower than the national average. Waterford (3.5%) and Cork (4.0%) were the only counties outside Leinster with a vacancy rate lower than the national average of 4.7%.