CONSTRUCTION MARKET ANALYSIS
“This ongoing issue is limiting the overall capacity to meet the growing housing demand across Northern Ireland, highlighting a critical barrier to residential development progress.”
Comparing quarters: 2024 first half snapshot
The report also highlights a disparity between apartment and housing completions. Although apartment completions have generally grown year on year, albeit with some fluctuations, they remain significantly lower when compared to other housing completions. The apartment sector experienced a decline in 2023. However, the first half of 2024 has shown positive signs of recovery and, if this trend continues, apartment completions are set to surpass 2023 levels. “The slower pace of apartment completions poses a significant risk to urban housing supply,” said Dave. “While rural and suburban areas, where houses dominate, are seeing more consistent growth, developers continue to struggle with securing approvals and the necessary infrastructure for high- density housing developments.” As urban areas continue to experience rising demand for high-density housing, the lag in apartment completions risks exacerbating housing shortages in these areas. Addressing these disparities is essential to ensure a balanced housing supply that meets the diverse needs of both urban and rural populations.
• Q1 2024 saw 1,262 units completed, with houses accounting for 1,082 units and apartments for 180. • Q2 2024 followed with 1,516 completions, with houses contributing 1,291 and apartments 225 units. The CIS report highlights key players in NI’s housing market, including Kelly Brothers Building Contractors, Hagan Homes, Hilmark Homes, Lotus Group and Windsor Developments. Despite the significant contributions from these key developers, the region continues to struggle with housing supply due to water infrastructure constraints. This ongoing issue is limiting the overall capacity to meet the growing housing demand across Northern Ireland, highlighting a critical barrier to residential development progress. The Republic of Ireland has managed to maintain momentum in delivering housing, despite falling short of targets, thanks in part to government incentives such as fee waivers and water rebates for developers.
Construction Information Services (CIS) has been providing reliable, verified, and real-time insight and intelligence on the Irish construction sector for more than 50 years. The Irish market leader’s research teams, based in Banbridge and Dublin, combine ongoing outbound outreach with the latest technology to deliver trusted information that helps businesses and organisations to make informed decisions. Its services are used by blue-chip brands in the private and public sectors throughout the island of Ireland. At any one time, subscribers can access information on around 140,000 construction projects in NI and RoI. NB: Graphic statistics are sourced from the Department of Finance NI - www.finance-ni.gov.uk/topics/new- dwelling-statistics. Data differences between jurisdictions in Ireland prevents uniform reporting with housing completion data only available publicly in summary form in NI.
HOUSING UNIT COMPLETIONS IN NORTHERN IRELAND 2020-2023
• 2020: 6,415 • 2021: 7,416 • 2022: 6,838 • 2023: 5,373
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