New Homes: Buyer appetite for housing continues to grow
New meets old at Drumcora House on the Blackrock Road.
Despite the long-awaited and welcome rise in supply of houses and apartments across Cork city and county, and despite still rising house values and affordability pinch points (albeit with a slowdown in the rate of inflation) “the appetite for new homes has not diminished.”
So says Suzanne Tyrrell, director of Cohalan Downing, who has been concentrating on the new-build sector aimed at both private buyers and those eligible for local authority-backed schemes also.
However, the market is increasingly discerning, Ms Tyrrell surmises, with buyers rightly looking at the ‘Big Picture’ and not necessarily being panicked into buying what property cliches describe as ‘the biggest financial commitment of a person’s life’: familiar and well-worn, because it is true 99% of the time.
Supply has improved in Cork, but affordability has been further squeezed too, notes Cohalan Downing’s Suzanne Tyrrell, pointing to stats such as the CSO report of more than 36,000 new homes nationally in 2025 “the strongest annual completion figure in recent years. Cork City and County made a significant contribution, with 2025 completions including 399 in Cork City and 730 in Cork County in the final quarter alone.”
However, she also notes with some concern: “The commencement figures are worth watching too. Nationally, residential commencements fell very sharply in 2025 compared with 2024. Cork City was one of the stronger areas, with 1,501 homes commenced during 2025, but the national reduction in commencements suggests that the level of completions being achieved today should not necessarily be taken as an indication of the supply position two or three years from now.”
Continuing, she states that, in her view, “this remains one of the biggest challenges for Cork – not simply how many houses are being completed today, but whether enough sites are moving through the system to ensure that supply continues at the same level into the future.
“Planning remains a major part of that issue. The Planning and Development Act 2024 is now being implemented on a phased basis: whether the new system ultimately delivers materially faster planning decisions remains something the industry will be watching closely,” says Ms Tyrrell, ominously reckoning “even where developers are ready to build, there are still issues around planning, infrastructure, utilities, financing and construction costs. Bringing a site from planning permission to a finished housing estate remains a lengthy process and it is not going to change any time soon…”
Also, in the frame for buyers looking at new vs older homes to purchase is energy efficiency: “Buyers understand the long-term value of A-rated homes, particularly when compared with the cost and disruption involved in upgrading older properties. Energy efficiency is now much more firmly part of the purchasing decision. It is not simply about the BER rating on the brochure; buyers are increasingly thinking about the actual cost of heating and running the home over the lifetime of the mortgage.”
As ever, location matters, but decisions are now more nuanced to balance things like transport links, access to schools, employment and amenities: “The house is still the main consideration, but purchasers are increasingly looking at the overall proposition – commute, schools, public transport, local amenities, broadband, energy costs and the amount of private and communal open space they are getting for their money,” says the CDA new homes specialist.
“Flexible working has contributed to this. Some purchasers remain prepared to move further from Cork city if they can secure a better-quality home or more space for their money, although the days when working from home meant that location was almost irrelevant have probably passed. The commute still matters,” adjudges Ms Tyrrell.
In light of planning changes, purchasers in 2026 and beyond “should expect to see more compact houses, smaller gardens and more shared open spaces. We are seeing developments designed around shared parking areas, smaller private open spaces and better-quality communal green areas. The important point is that smaller does not necessarily have to mean poorer quality. The success of these developments will depend on whether the overall design works for the people living there,” Ms Tyrrell states.
For those poised to purchase, Suzanne has some relevant advice: “A noticeable trend is the speed at which good new homes can sell once released. Purchasers who are interested in buying off-plan need to be organised well in advance.
"Mortgage approval in principle, the funds for a booking deposit and having a solicitor appointed are essential rather than optional. The reality is that if a development is priced correctly and falls within the relevant support thresholds, there can be very little time for a purchaser to deliberate once a phase is released. Developers are also working to tight construction and funding timelines, so the contract process can move quickly after a booking is made. Buyers who assume they will have several months to organise their mortgage and legal position can find themselves under unexpected pressure.”
