New Housing Commencements Rise In Q1

New residential supply to the Dublin market rose YoY in Q1 2023. Over 2,700 new units were started in the quarter, representing a 12.8% (+312 unit) QoQ increase. A stronger YoY growth rate of 48.1% (+892 units) was recorded, and likely arose due to the lingering effects of Covid-19 on market confidence and activity twelve months previous. Housing completions in Dublin stood at 2,638 (SA) in Q1 2023, falling by 8.9% QoQ from a peak in late 2022, yet remaining significantly higher than Q1 2022 (+27.6%, +571 units). Increases in supply of this nature are considered essential for easing the rent and price affordability issues which currently affect the Capital's housing market.