A vacancy rate 6% higher than that in the US where house prices are on average less than half those in Ireland. The vacancy rate in the UK is 3% btw.
I think the most disturbing part of this is the sheer volume of indebtedness this represents
According to the cso (pg.92) We have 216,533 vacant units. If we average those at 200,000 thats over 40 billion euro.
/heads for the hills
they reckon 40% of houses bought since 2002 are lying vacant…that is a shocking figure
I just got a reply from the CSO about the empty figures and they tell me that the enumerators only count properties that they deem to be habitable and this is the methodology they have used in the 70s and 80s
Interesting. Implications? Anyone?
Once the building had walls & a roof it’s deeemed habitable - even it is looked like a cow-shed. So the number of vacancies (i.e. where someone would actually consider living) will be lower then reported but there’s no way of knowing how much lower as the figures do not have that level of detail.
Why was there a greater rise in vacancies as a % of the total stock in EACH of the 5 main cities than in all the rest of the country between 2002 and 2006 . One holidays not in Limerick or Dublin.
The stock of national empties rose 20% + the stock of empties in the 5 big cities rose 30%+ in the same period.
Each of the 5 big cities rose by more than the national average rise in empties not just the aggregate of the 5 big cities.
Because they seemed like the best investments
That suits your agenda, doesn’t it?
Likewise though, I could argue that an enumerator’s opinion of “habitable” is very much a sign of the times. A 40yo enumerator in the early 70’s might remember toilets in outhouses, maybe little or no plumbing, no electricity, from his youth in the 50’s and maybe deem that cow-shed habitable. Not so today, you’d imagine, given our higher standard of living.
Hypothesizing very much here. If you plan to become an (amateur) landlord you will buy close to where you currently live if you can. Are city people more likely to become speculator investors because of higher salaries? Maybe they have a riskier approach to life than country people?
But if the modern enumerator had been an EA in a previous employment, they may describe that cow-shed as a “much sought after idyllic country getaway with rustic charm that would suit the DIY enthusiast”.
2Pack, Not arguing against the validity of your stats but just to keep some perspective on this here is the CSO finding:
The counties with the highest vacancy rates were Leitrim (29.3%), Donegal (27%) and Kerry (24.8%) while South Dublin (6.2%), Fingal (8.8%) and DÃºn Laoghaire-Rathdown (8.9%) had the lowest
rates. (Source: Table 40).
It gives you a good flavour of things…while there are vacant places lying around the big cities it is really the holiday home terrain where its at. How many of these vacant places along the western coast and beyond are holiday homes and how much are their owners in real debt? Truth is, we don’t rightfully know. All i’m saying is that there is a problem, surely, but it may well be exaggerated because of the lack of debt on many of these homes.
Duplex! Jaysus is that you
Yeah, but I’d bet 10% of Dublin housing units is probably more than 29.3% of Leitrim, 27% of Donegal and 24.8% of Kerry put together.
30% of Leitrim, while correct, in itself , would be about 3000 units or under 6% of whats for sale on on daft as I write.
30% of feck all is feck all people!!! Leitrim has c. 10k homes or **0.06% of the national stock ** in total.
The definition of habitable has gone up everywhere. Urban enumerators would not have a higher threshold of broken windows and missing tiles than would rural enumerators …or vice versa.
I holiday in Limerick and Dublin.
The huge amount of section 23 apartments in Limerick have to account for a lot of empties. About 10 years ago the apartments at Steamboat Key and Mount Kenneth were extremely fashionable. (The first real “lifestyle” apartments in the city.) Now nobody will touch them, people moved first to Palmerston and then the area around St John’s cathedral.
Limerick doesn’t actually have that many renters in the city (the university is too far out to draw students to the city). So every time a new development opened people moved to the new place. As renters they didn’t need to stick around in the old place as it started to fall apart.
2Pack, you can pick out Leitrim in isolation if you like but a 15% AVERAGE VACANCY RATE for the State as a whole is MUCH higher than the 6-8% vacancy rates reported for Dublin (and a slightly higher rate for other cities). That is, the sum of Leitrim, Kerry, Clare, Mayo, Donegal and a dozen more similar counties brings the average considerably UP. This fact just cant be dismissed because it means that the sum of vacant places in the Leitrims, Kerrys etc of this world is GREATER than the sum of vacant joints in the Dublins - if you don’t believe me just look at table 40 from the Census 2006 Report! So, we shouldn’t underestimate the holiday home effect in the approx 266K vacant joints arount the country.
I’m following with interest the clarification around the definition of “habitable” (good work lads) - if as you’re saying it includes every type of half-derelict shack well fair enough that would swicth the balance between urban and rural BUT, more importantly, it would also mean that we have been seriously overestimated the extent of the problem, as viewed on a national level.
Can anyone see why Bearhead’s quotes aren’t being interpreted properly? The syntax of the tags seems ok.