10.6% residential vacancy rate in Mayo at end of 2024

THE residential vacancy rate was 10.6% in Mayo Q4 2024, according to the latest GeoDirectory Residential Buildings Report.

This was higher than the national average of 3.8%.

The highest vacancy rates in the country can be found in the west of Ireland with Leitrim (11.8%), Mayo (10.6%), Roscommon (10.3%), Donegal (9.0%) and Sligo (8.2%) recording the largest proportions of vacant residential properties.

Some 479 new residential address points were added to the GeoDirectory database in Mayo throughout 2024. Nationally 34,686 new address points were recorded last year.

There were 462 buildings under construction in the county in December.

Nationally, the largest share of buildings under construction were in Dublin at 18.7% (4,162 buildings), followed by Cork (3,002), Kildare (1,438), Meath (1,312), Louth (1,141) and Galway (1,126). Construction activity was weakest in Longford where only 85 buildings were under construction, followed by Leitrim (121) and Roscommon (162).

The derelict property data shows 20,092 residential address points across the State were classified as derelict in Q4 2024, with 14% of these properties located in Mayo.

The highest concentration of derelict properties was recorded in Mayo (14.0%), followed by Donegal (11.6%) and Galway (8.8%).

The average residential property price in Mayo was €233,019 in the 12 months between November 2023 and November 2024. Prices increased in all 26 counties in the State.

Speaking about the overall national findings, Dara Keogh, CEO of GeoDirectory, said: “There was a substantial increase in the number of residential address points added to the GeoDirectory database throughout 2024. The number of buildings under construction has remained relatively stable, indicating that the strong pipeline of new homes will continue into 2025.”

Annette Hughes, director at EY Economic Advisory, said: “The latest GeoDirectory report spotlights a continuing and encouraging downward trend in both national vacancy and dereliction rates, as our growing population and policy initiatives are having an impact. More broadly while the number of new address points increased significantly last year, it will be critically important going forward to ensure the right policies, housing supports and infrastructure are in place to accelerate the delivery of housing supply for all tenures in the right locations.”