| It is always worthwhile to know something about the | | | | apartments to select from. Incredibly, last year saw |
| history or demographics of a local housing market | | | | the annual amount of new homes coming on to the |
| before considering making an investment. The Irish | | | | Irish market rise to over 100,000. |
| market is no different in this respect. In fact, one | | | | 4. Housing needs – whilst there has been a |
| could argue that the rapidly changing face of the Irish | | | | general increase in the size of new homes built, with |
| economy demands that the investor/house-buyer or | | | | 3 bedrooms being the typical sleeping provision |
| renter should pay heed to some interesting and fairly | | | | offered, the number of people living in each house |
| unique statistics related to Irish home life. | | | | (on average) has fallen significantly. Forty years ago, |
| 1. Population Density – | | | | 4 people sharing one home was the statistical norm. |
| - 21% of the population of the island of Ireland lives | | | | Nowadays, maybe influenced by the higher availability |
| in Dublin, making the city areas in particular very | | | | of apartments, the statisticians tell us that the |
| congested. Relatively speaking, house prices are the | | | | average home occupancy is just 2.8 persons. |
| highest around Dublin, yet plot sizes are at their | | | | 5. Types of Homes – 88% of Irish residents still |
| smallest, meaning that you get much less space for | | | | prefer to live in traditional houses, rather than flats or |
| your money here compared to the remainder of the | | | | apartments. Roughly half of these (43%) enjoy the |
| island. However, many Irish employers are based in | | | | benefits of living in a detached home. In rural |
| Dublin, so some house-buyers may have little choice | | | | locations, newer homes are commonly built on plot |
| but to make a purchase close to Dublin city. | | | | sizes of typically a half-acre, giving generous space |
| - A further 18% of the population lives in the | | | | for car parking, gardens, patios and children’s |
| northern counties of Antrim and Down, influenced by | | | | play areas. |
| the locations of some larger towns and the city of | | | | 6. Buy or Rent? – in 2006 the number of |
| Belfast in particular. Whilst being busy areas, these | | | | occupied dwelling places in Ireland had passed 2 million. |
| large counties do not feel overly congested in the | | | | In these homes, 20% of occupiers (that’s 1 in |
| main. House prices generally give much better value | | | | every 5) had chosen to rent their property rather |
| for money than typical Dublin properties. | | | | than buy it outright. The more expensive city areas, |
| - If we dismiss the influence of the inhabitants of the | | | | and Dublin prices in particular, have greatly influenced |
| remaining larger Irish cities (e.g. Cork, Galway, | | | | these countrywide statistics. Also in 2006, the |
| Limerick), then the greater majority of this large | | | | average weekly outlay for a privately rented Irish |
| island has typically less than 2% of the overall 6 | | | | home had passed the €200 mark. |
| million population living in each of the remaining 29, | | | | 7. Occupancy & Vacancy Stats – the 2006 |
| more rural, counties. If relative peace and tranquility in | | | | census in the Republic of Ireland concluded that 15% |
| a countryside home setting are your desires, then | | | | of homes existing at the time were unoccupied. That |
| about 85% of the total area of Ireland can still | | | | could easily translate into the amazing statistic that |
| provide this much treasured commodity. | | | | 300,000 houses, cottages or apartments remain |
| 2. Housing Density – | | | | vacant. As these figures come from a period before |
| - Half of ireland’s 32 counties can boast having | | | | the current housing market slump, the investor or |
| less than 15 houses per square kilometre on average. | | | | tenant should take note and not pay over the odds |
| In five attractive counties (Kerry, Mayo, Donegal, | | | | with so much availability to consider. Over 200,000 |
| Leitrim & Roscommon), statistics prove that | | | | extra new homes have been built in Ireland in the last |
| there are 10 or less existing homes per km² on | | | | couple of years. The property vacancy rate has |
| average, making most areas outside of the towns | | | | probably increased accordingly, contributing to the |
| and larger villages appear comparatively deserted by | | | | sudden but not unexpected end to the Irish housing |
| most European density standards. County Fermanagh | | | | boom. |
| is Northern Ireland’s least densely developed | | | | 8. Buy to Let – for the first time in many years, |
| county with 12 dwellings per km² overall. | | | | average Irish property rents began to fall in the first |
| - By comparison, on average, there are 456 homes | | | | quarter of 2008. This is good news for prospective |
| squeezed on to every km² in County Dublin. | | | | new tenants, but not so good news for landlords. |
| 3. New Houses – just 15 years ago, in 1993, | | | | When one considers the quantity of vacant existing |
| there were 21,000 new homes built in the Republic of | | | | property crying out for a paying occupier, there is |
| Ireland. Year on year since, the prospective buyer | | | | little prospect of rents rising again in the short term. |
| has had a greater choice of new houses and | | | | |