Residential vacancy rate in Limerick higher than national average
THE RESIDENTIAL vacancy rate in Limerick has been recorded by the GeoDirectory and is higher than the overall national average.
The latest GeoDirectory Residential Buildings Report saw Limerick having a residential vacancy rate of 4.5 percent whereas the national rate is 4.2 percent.
The GeoDirectory manages a reference dictionary of addresses for all 1.9 million buildings that receive post in the Republic of Ireland, assigning them with precise postal and geographic addresses.
Commenting on the findings CEO of GeoDirectory Dara Keogh said: “The Residential Buildings Report found that the number of vacant properties has fallen in the last year, although when combined with derelict properties, there are still over 100,000 potential properties which could re-enter the market.”
As of June 2022 there were 709 residential buildings under construction in Limerick and 864 new residential addresses were established in the county in the previous 12 months while the average residential property price in Limerick was €242,866 in May 2022.
“The level of residential construction has increased significantly over the past twelve months as Covid-19 public health measures on the construction sector were gradually eased then removed,” Mr Keogh said.
Nationally a total of 34,198 new residential addresses were added to the GeoDirectory database in the last year leading to June 2022 while the average property price nationally in the twelve months to May 2022 was €338,394.