Housing starts now back at Celtic Tiger levels

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Sherry FitzGerald anticipates sizeable rise in construction output

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In its annual review of the housing market, the company noted that more than 30,700 new residential units were commenced in 2021, representing a 41.7 per cent increase on 2020 and a 17 per cent rise on 2019. It was also the strongest level of commencement activity seen in the State since 2007.“A sizeable rise in construction output is anticipated following the upturn in commencement activity seen in 2021,” Sherry FitzGerald economist Eoin Lynch said.

Sherry FitzGerald is forecasting house price inflation nationally of 6-8 per cent this year. Price growth in Dublin would be moderate at 4-5 per cent, Sherry FitzGerald said the second-hand market remains robust with sales in 2021 38 per cent stronger than 2020, while trading at the high-value end of the market had been particularly strong during the pandemic.

Prior to the pandemic sales at the upper end of the market were restrained as unease surrounding Brexit curbed activity.“The combination of compressed sales levels and an assuaging of fears surrounding Brexit have allowed for greater growth to occur,” Mr Lynch said.

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