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14/05/2015

New homes proposed for greater Dublin fail to meet demand

Words: Roger Milne
Dalkey, Ireland

Developers sought planning permission for more than 2,300 new homes in the capital and surrounding area during the first three months of the year.

According to the latest figures compiled for Society of Chartered Surveyors Ireland (SCSI) there were 15 planning applications submitted for developments of at least 25 houses for sites around Greater Dublin between January and March this year.

The figures exclude proposals for individual houses and schemes of fewer than 25 units.

Those developments would account for 2,363 new homes if they are built. That rate is down some 40 per cent compared with the third quarter of last year, in part because of the new restrictions on mortgage lending from the Central Bank.

The report found that developers have sought permission from Dublin City Council to build only 232 units. That is a fraction of the 2,750 the SCSI says need to be built in the Dublin City Council area every year between now and 2018.

Andrew Nugent, vice-president of the SCSI said: “We have concerns that the permissions granted in Q1 2015 are 40 per cent lower than those in Q3 2014 and that this will have a knock-on effect on an already supply constrained market.

“The SCSI has identified that at least 7,000 new units per year are needed in Dublin – this is the minimum level required.

“If the current commencement figures continue at the same level as in the first quarter we will not reach that target.”

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