Only 594 housing starts in Cork in first quarter of 2026, says BPFI 

Over 7,800 new homes were completed nationally in Q1 2026, with 8,400 commencements 

About 8,400 (8,408) housing units were commenced in Q1 2026, according to the BPFI Housing Market Monitor. Picture: Gareth Fuller/PA Wire

Over 7,800 new homes were completed in the first quarter of 2026, up 32.9% on the previous year, new figures released on Thursday show.

About 8,400 (8,408) housing units were commenced in Q1 2026, according to the BPFI Housing Market Monitor, up 184% year on year. Scheme houses accounted for almost 56% of commencements in the quarter, with 4,706 houses started. 

While Cork has traditionally accounted for the second highest volume of commencements, its share fell to 7.1% with only 594 housing starts in Q1 2026. Three counties each accounted for about one tenth of scheme house starts: Meath (467 units), Waterford (502) and Wicklow (520).

The BPFI predicts total completions are expected to reach about 40,000 units in 2026. The report warns demand continues to outstrip supply, challenged by construction capacity and planning constraints.

“Residential housing construction activity began the year strongly, with over 7,800 units completed in Q1, up by almost a third (32.9%) compared to Q1 2025 and the highest first-quarter level since the series began in 2011,” said BPFI chief economist Ali Ugur. “There was strong growth across all housing types, with scheme houses accounting for more than half of the year-on-year increase.

“The imbalance between housing demand and supply remains evident in price developments."

CSO data indicates that average house prices increased by 6.2% in the year to April 2026, easing from 6.7% in March. The median price paid was €395,000. "While annual price growth has moderated since peaking in February 2022, April 2026 data show no month-on-month increase, suggesting a continued slowing in price inflation,” said Mr Ugur. 

The report said that the number of workers employed in construction in Q1 2026 was 195,600, up from 177,800 in Q1 2025. "As housing output increases and firms make greater use of modern methods of construction to enhance productivity, more workers with the right skills, including both traditional construction crafts and modern manufacturing and assembly techniques, will be needed,” said Mr Ugur.

The report said that scheme house completions rose by 34.5% year on year to 4,082 in Q1 2026, accounting for more than half (52%) completions in the quarter. Munster accounted for 31.7% of scheme house completions while 26.6% were in the Dublin commuter region (Louth, Meath, Kildare, and Wicklow).

Single house completions nationally rose by 27.8% year on year to 1,419, with Munster accounting for 31.6% of single house completions.

Dublin and Cork see highest number of purchases

On an annualised basis, there were 51,194 purchases in the year ending December 2025. Both Dublin and Cork recorded the highest number of purchases, on an annualised basis, since the data series began with 16,409 in Dublin and 5,877 in Cork.

The number of units granted planning permission in the first quarter of 2026 declined by 1% compared to the same period in 2025, to just over 8,000 units. "Given the need to build around 50,000 units per annum to meet current and pent-up demand in the housing market, a much higher number of units would be needed in the planning system,” said Mr Ugur. 

“The underlying imbalance between supply and demand remains in place. Looking ahead, the key challenge is one of scale and delivery. Expanding construction capacity, accelerating the planning pipeline, and reducing delays between permission and commencement will be critical if output is to move closer to the estimated 50,000 units required annually.”