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In our latest guest blog, our Corporate Partners Deloitte discuss their latest report “Real Estate Planning & Development Statistics”.
As the country nears a full easing of restrictions, construction continues to recover from the pandemic. Overall, the last quarter has been a much-needed boost for the construction industry in Ireland.
In the first quarter of the year it was no surprise to see that construction activity had been delayed by the pandemic. This delay had the potential to result in projects that were previously marginally viable prior to the pandemic, now be rendered unviable. But the last three months have been encouraging for the industry with a large number of commencements on the residential side and the introduction of the Housing for All Plan.
In this report, Deloitte Real Estate Advisory comment on the current landscape of the Irish planning system and the residential and commercial real estate markets in Ireland. We also provide funding analysis on the current macro-economic conditions that are supporting a favourable capital raising environment within the Irish Real Estate sector.
Some key highlights include:
- From a residential perspective, on schemes with over 20 units, commencements are up 68% on Q1 this year.
- Viability and labour shortages are still plaguing the industry with key materials such as timber and steel up 57.8% and 23.4% respectively from Q2 last year.
- From a commercial perspective, there has been a notable reduction in the supply of new office stock coming on stream through applications and commencements.
To understand full detail and analysis, download the full report here.