Northern Ireland builders and contractors will be looking to south of the border this year for construction projects as reports indicate that the Republic of Ireland’s housing supply will increase in 2024.
A report published by the Banking & Payments Federation Ireland (BPFI) on Q3 of the year indicated, however, that there is an ongoing rise in construction costs, presenting opportunities for local builders to examine what they can offer.
The report noted that increased housing output this year helped to ease housing inflation amid a “significant” increase in housing completions this year.
The average residential property prices have increased by 1.4% in the year to September, compared with a 10.8% annual increase in September 2022.
Almost 31,600 new dwellings were completed in the twelve months to September of this year, compared to around 27,500 in the twelve months to September 2022.
Meanwhile, in the third quarter of this year close to 8,500 dwellings were completed, with Dublin accounting for 42.2% of all completions and 80.8% of apartment completions
Housing starts in the first ten months of 2023 were also 17% higher than in the same period of 2022, with 30,744 units started in the twelve months to October 2023.
The BPFI said it’s “encouraging to see that the number of housing starts continues to increase” and forecast completions exceeding 32,000 units in 2024.
In contrast to declines in Northern Ireland planning applications looking at the medium and longer-term outlook, around 37,600 housing units were granted planning permission in the twelve months to September 2023.