'Disappointing' start to 2024 as new housing completions drop 12%

Unexpected fall at odds with forecasts with 'exponential' increase necessary to keep rising house prices in check

notable drop was largely driven by a more than 25% decrease in new completions in Dublin, with new apartments largely located in urban areas subsequently falling by more than a third as high borrowing costs weigh on the capital's apartment scheme builders.

An "exponential" increase in the number of houses being built is needed to keep price growth in check, with a drop in new dwelling completions in the first three months of this year marking a "disappointing" start to 2024.

New data released by the Central Statistics Office (CSO) on Thursday reported a more than 12% annual fall in the number of new dwelling completions from January to March this year, with just over 5,800 homes being built in the three months.