Ireland has seen steady population growth over recent decades, with over half of the population currently between 25-64 years old. While immigration rates have increased slightly between 2010-2015, more Irish citizens are still leaving the country than immigrants entering. The unemployment rate has fallen significantly in Ireland since the economic crisis, with youth unemployment now at 21.9%, compared to over 50% in some other European countries. Dublin accounts for a large portion of Ireland's GDP and employment. Overall, Ireland has experienced economic recovery and growing job numbers in recent years.

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IRELAND’S ECONOMIC AND POPULATION TRENDS 2010-2015
Ireland’s Population trends 1981 to 2015
As of 2013, Ireland contributed o.06% of the world’s population (4.677 million), with Europe totaling
10.45% representation (742,452,170) in 2013 reducing to 7.40% (709,067,211) in 2050. The countries in
Europe with the highest population representation were Germany 1.14% (82,652,256), Turkey 1.05%
(75,837,020), France 0.89% (64,641,279), The UK 0.88% (63,489,234) and Italy 0.84% (61,070,224). The
world’s population has increased from 2.5 billion in 1950 to 4.298 billion in 2013, it is estimated to hit 9.4
billion by 2050, with average growth of 75 million per year or 1.1% on the previous year’s number. The
chart below is sourced from Geohive.com breaking down age group’s within Europe from 2013-2015
World Population age breakdown 2013-2015
Europe 0-14 15-44 45-64 65+
Eastern Europe 45,004,062 126,440,413 80,579,024 41,257,154
Northern Europe 17,463,358 39,799,206 26,647,476 17,529,833
Western Europe 29,641,212 70,143,266 53,823,291 36,362,014
Southern Europe 23,501,336 61,908,902 42,130,632 29,245,915
0 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 70,000,000 80,000,000 90,000,000
0-14
45-64
65+
Population breakdown
Southern Europe Western Europe Northern Europe Eastern Europe

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Ireland
0-14 15-24 25-64 65+
21.69% 12.30% 53.50% 12.60%
As the above two charts show a huge majority of the Irish population is 25-64 (53.50%) with the second
largest age group being 0-14 (21.69%). This provides Ireland with the problem of not only making sure
present demand levels of over half its population is met now, but also preparing and planning to deliver
the expected high demand levels of the future generations. The current 0-14 year olds will be entering
the property market within the next 15-20 years, almost doubling the current proportion of the 65 +
age group (21.69% to 12.60%) in terms of new developments required.
The Irish consensus from 1981-2011 shows the most populated province remains Leinster, with popular
cities such as South Dublin from 199,546 in 1981 to 265,205 in 2011. The province of Leinster increased
from 1,790,521 (1981) to 2,504,814 (2011). The most heavily populated cities were Fingal (swords)
138,479 (1986) to 273,312 (2011), Kildare 104,122 (1981) to 210,312 (2011), Meath (Navan) 95,419 (1981)
to 184,135 (2011) and Wexford 87,449 (1981) to 145,320 (2011).
Munster saw its population of 998,315 in 1981 increase to 1,246,088 in 2011.The most populated cities
being Clare (87,567 to 117,196), Cork (402,465 to 519,032), Limerick (161,661 to 191,809), Kerry
(122,770 to 145,502) and Tipperary (135,261 to 158,754)
Ulster saw an population increase from 230,159 (1981) to 294,803 (2011) with Donegal going from
125,112 (1981) to 161,137 (2011)
The Irish Population has seen major growth from 3,443,405 to 4,588,252 over the last 30 years. Cities
such as Athlone (8,170 to 15,558), LetterKenny (7,186 to 15,387), Naas (11,141 to 20,713) have seen
their overall population double since the first and last consensus.
0-14 15-24 65+

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Immigration and Migration 2010-2015
From the years of 2010 -2015, the European Migration Network reported that Ireland had more citizens
leaving than Immigrants entering the country. Immigration rates have increased from 40,000 in 2010,
with signs of steady growth from 50,000 to 70,000 from 2013 to 2015.The number of EU citizens
entering Ireland has almost doubled since the 2012 levels of 5,000 reaching 9,000 in 2015, there is also a
growing trend amongst the Rest of the World as 2010 levels reported only 3,000 people and by 2013-
2015 it increased from 18,000- 25,000.
In terms of people leaving the country Ireland has seen an decrease of Irish citizens leaving Ireland since
the peak years of 2013 (52,000) recently reporting 49,000 and 34,000 in 2014 and 2015. EU Citizens
trends are going in the opposite direction as 2015 shows 18,000 leaving compared to 8,000 in 2010,
0
20,000
40,000
60,000
80,000
100,000
2010 2011 2012 2013 2014 2015
who's coming to Ireland 2010-2015
Whos coming into Ireland Emmigrants Whos coming into Ireland Immigrants
0
10,000
20,000
30,000
2010 2011 2012 2013 2014 2015
Who's coming to Ireland
2010-2015
Breakdown of the who's coming to Ireland 2010-
2015 Irish
Breakdown of the who's coming to Ireland 2010-
2015 EU 15
Breakdown of the who's coming to Ireland 2010-
2015 Rest of the World
0
20,000
40,000
60,000
2010 2011 2012 2013 2014 2015
who's leaving ireland 2010-
2015
who's leaving Ireland 2010-2015 Irish
who's leaving Ireland 2010-2015 EU 15
who's leaving Ireland 2010-2015 Rest of the
World

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both 2014 and 2015 have seen numbers increase from the previous year. The Rest of the world saw
steady numbers from 2010- 2013 with numbers remaining around the 8,000 to 10,000 mark. As of 2014
the number has increased from 12,000 to 16,000.
Ireland in 2014 held the highest immigration rate in the EU with 1.1 million people worldwide moving to
new countries, this saw their 2012 levels doubled. 13.8% of EU citizens that migrate to Ireland are
unemployed higher than the EU average of 10% (0ut of 240 million people in Europe, 218 million are
employed) Between May 2009 and April 2015 over 147,000 Irish nationals have now moved to a new
country, this meant the Irish represented over 20% of total immigration activity since 2009.New
Zealand is a close second with 14%, while Luxembourg the second highest in Europe with 12% (the
lowest immigration population percentage is Spain at 2%) Western Europe minus Ireland at 17% and
the UK at 7% has an average immigration rate ranging from 5-2%
The Dublin chambers of commerce have found the latest stats on Immigrate workers showing 63%
were on lower wages, with only 36% in a management or superior position, 37% on 23-45,000 Euros,
19% on 45-68,000 Euros and rest on 10-23,000 Euros.

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Ultra- wealthiest earning Individuals
Dublin is 27th
out top 40 cities for ultra-wealthiest high net individuals with London, New York and
Hong Kong being the third most popular. Europe’s ultra-wealthiest high net individuals are worth a
combined 8.35 billion US dollars, across 61,820 individuals up 8.9% from last year. The US currently has
the most individuals and overall value with 74,865 and 10.265 billion US dollars (up 65). The Middle
Eastern and African regions have the biggest growth with 12.99% and 13.1%, the Middle East has a
total value of 995 billion across 5,975 individuals and Africa 395 Billion US dollars across 3,005 people.
To qualify for an ultra- wealthiest high net individual you need 30 million US dollars or more in net
assets. It is reported 79% have more than one resident, 17% inherited wealth and 9% self-made, usually
keep primary residence up to 15 years and secondary property for 10 years.
TotalValue (Billion US
Dollars)
US Europe Asia
Middle East Latin America Africa
Pacific 0 20,000 40,000 60,000 80,000
US
Europe
Asia
Middle East
Latin America
Africa
Pacific
Number of Individuals

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Unemployment stats 2014-2015
Ireland recorded statistics of 23.9% unemployed under 25 and over 25 10%, with an EU 28 average of
23.8% and 10.4%. The top performers within Europe are Germany 7.7% and 4.7%, Malta 11.8% and
4.8% and Denmark 12.6% and 5.5%. The worst performing countries were amongst Greece (52.4% and
24.8%), Spain (53.2% and 22.3%), Croatia (45.5% and 8.9%) and Italy 45.5% and 14.6%)
In 2015 Ireland created around 57,000 new jobs, an average of 1,300 new jobs per week. Some of the
active industries were the scientific and technical sector creating 5,700 new jobs followed closely by
construction (3,300 new jobs) and agriculture (2,700 new jobs). Gerard Brady IBEC senior economist
advised Ireland had one of the youngest population’s in Europe and would be one of the fastest growing
economies over the next 30 years. Ireland faces a big issue as 2014 to 2015 saw 52.8% of the Irish
citizens emigrating from Ireland having third level qualifications over above (around 40,000 people).
This has led to initiatives in the West of Ireland (namely Mayo, Galway and Roscommon) having the
West Action Plan implemented. The new initiative will create 25,000 new jobs in the next four years, as
the region has lost almost 60% of its jobs (24,700 from 2008-2011), Last year was the first time since
2008-2011 that jobs were created (5,000). The plan is to increase the number of start-ups, help increase
local business survival rates and increase exports by 20%.
Over 200,000 people in Ireland are currently unemployed, the EU 28 has 22.159 million in total
(November 2015 levels) overall performance across the EU 28 across 2015 saw 25 of the 28 members
reduce their unemployment rates. The EU 28 in 2000 had 20 million in total unemployed at 9.2%, this
had been reduced to 16.1 million by 2005 (6.8%) and by 2008 to 2010 was down to 6.6 million. In 2013
Europe’s unemployment hit a new high at 26.4 million people (10.99%), this has since decreased to
9.9% by 2014. Ireland is preforming very strong within the EU 28 as the graph above demonstrates
with figures of 21.99% youth unemployment, these figures are far more positive than Greece (51.1%),
Spain (51.7%), Italy (42%) and Portugal (33%). The strongest performers within the EU 28 are
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
European youth under 25 unemployment stats 2015

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Germany (7.2%), Norway (7.9%), Austria (10.2) and Malta (11.1%). Ireland’s youth unemployment
from 2003 to 2007 was stable around 4.7%, from 2009 it hit 12% and continued to rise until 2011
reaching 14.7%. The UK has despite the economic downturn has seen its worst period in 2011 hitting
8.1%, since then has reduced to 6.1% (2014), this is the opposite trend to Denmark who has seen their
youth unemployment grow year on year to 7.4% in 2014 (almost doubling their 2008 levels of 3.7%.)
Dublin accounts for 47% of the GDP, with 840,000 people employed in Dublin region representing over
40% of the total employed people generating 55% of Ireland’s income from the Dublin region. It is
reported that 48% of the 280,000 people employed in Irelands financial, ICT and professional services in
Dublin. Dublin has been able to attract 57% of the international students that study in Ireland, as 78% of
people in Ireland hold a PHD reside in urban areas (Ireland’s current population levels mean that Ireland
has 1 in every 1553 people in the world) American Amcham believe American IT firms will boost the
economy over the next 4 years, with 14,000 new jobs.
Ireland currently ranks 40th
out of 64 cities for working with foreigners in 2015, 4th
for friendly attitudes
towards foreign residents, 17th
work life balance, 24th
satisfaction in their career. Enterprise Ireland due
to an improved international economic outlook reported an increase of 10,196 jobs compared to 2014,
surprisingly two thirds were outside of Dublin through food, fintech, business services outsourcing were
the main contributors. Starts ups have paid an important part in this job growth with over 200 in early
stages and a further 500 supported by the Local Enterprise offices (LEO’s).
20,400 individuals started up a new business enterprises in 2014 (ranking Ireland 16th
in Europe) with
63.5% of the new business enterprises are yet to employ any staff. These new enterprises will look to
employ staff over the next 5 years, Ireland has a bright future ahead as 39% of business owners are 18-
34 and 6% 18-24. It is believed that 1 in 4 people dream of starting their own business in the future
giving Ireland a ranking of 13th
in Europe, for opportunity and motivation. 14% of male entrepreneurs
and 2% women entrepreneurs from early start ups have 75% -100% of their client base being
International, followed closely by 13% male entrepreneurs and 17% female entrepreneurs with 25% -
74% international sales.

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Average income Europe 2014-2015
Luxembourg appears top of the average income list in both 2014 and 2015 (3189 Euros 2014 and 3149
Euros 2015) The top 5 is completed is by Sweden (2690 Euros 2014 and 2551 Euros 2015), Denmark
(3122 Euros 2014 and 2307 Euros 2015), Finland (2330 Euros 2014 and 2300 Euros 2015) and UK (2597
Euros 2014 and 2253 Euros 2015). Ireland features in 9th
amongst the EU 28 with an average of 2160
Euros in 2014 and 2129 Euros in 2015, this fares a lot better compared to Lithuania (524 Euros 2014 and
544 Euros 2015), Romania (398 Euros 2014 and 417 Euros 2015) and Bulgaria (333 Euros in 2014 and 356
Euros 2015).
The EU 28 average in 2014 and 2015 was 1489 and 1469 Euros, Half of the population in Ireland is
making less than 28,500 Euros (with the top 10 per cent of Ireland representing 23.5% and the bottom
10% of total capital earnest) Currently, the average wage across the working 1.9 million Irish is 35,600
Euros. Public sector workers continued to get paid more than private sector workers, despite a 14% pay
cut compared to last year. Entry salaries for graduates are now down to 22,000 Euros lowest since 2004
and takes roughly 18 years to reach an income level of 36,000 Euros.
Income of the top 1% has doubled since the 1980’s, whilst the remaining 90% has seen their income
reduced. The top 1% earn on average 200,000 euros (35,000 people within this group containing 10,000
dual income, 6,000 single earner married couples, and 2,500 single earners). The squeezed middle class
earnt 40-70,000 Euros and represent the top 25% of earners, with social security contributions adding
4.4% of GDP (second lowest in the EU where is there is an medium of 11%). Child care costs in Ireland
remain at 27% of the family income, higher than the EU average of 11% (costs overall is 20% higher
than the rest of the EU) Dublin is the 13th
most expensive city to live in with a cost living index of 210
with Cork 30th
in List at 173 (the most expensive cities being Zurich (300), Geneva (288) and London
(288)) The cheapest cities to live and work in are Chisinau (Moldova), Novi Sad (Serbia) and Tirana
(Albania) with living cost indexes of 53, 70 and 74.Western European cities dominate the top 50 with
indexes ranging from 300 to 131.
The central statistics office published a report in 2013, called the household and finance consumption
survey documenting the wealth distribution and earnings across the whole of Ireland. The South- East
(Carlow, Kilkenny, Wexford, Waterford and South Tipperary) had an average of 259,000 Euros per
household, 20,000 more Euros than the Mid-West (Clare and Limerick). Dublin was fourth place with
an household income average of 230,000 Euros , its figures being far higher than that of the Border
(Cavan, Donegal, Lietrim, Louth, Monaghan and Sligo) at 190,000 Euros and the West (Galway,
Mayo, Roscommon) 186,000 Euros.

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Despite Dublin only being fourth place in average household income, it represents 28.3% of total
capital earnt. The South West (Kerry and Cork) and South East round out the top three with total
representation of 15% and 13%.The region with the smallest representation is the Midlands (Laios,
Longford, Offaly, and West Meath) with 6%, placing third for highest household income (235,000
Euros.) The West at the opposite end of the spectrum recorded the lowest household income and
second lowest total capital (7%). Upon reflection of factors such the average income per person,
average income per person per region, wealth distribution and the population of the regions it can be
assumed that a huge majority of the top earners now reside outside of the Dublin area. Dublin due to its
population of 1.2 million holds nearly 39% of the total population, this leads to Dublin becoming the
economic hub of Ireland generating 47% of the overall GDP and employing 40% of the workforce
(840,000). Residents of Dublin face the issue of living in the 13th most expensive in Europe with a cost
index of 210 out of 300. The people residing in Dublin would be more likely to be the 40-70,o00 Euro
earners within the top 25%, rather than the top 1% (200,000 + Euros).
0
50,000
100,000
150,000
200,000
250,000
300,000
South- East Mid-West Midlands Dublin South- West Mid- East Border West
Average household income 2013

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Average Rent and income percentage spent in the EU 28 2015
The UK has the highest rent in Europe at an average of 902 Euros and also the highest of income spent
on rent 39% (equal with Spain) Ireland occupies second place in the EU 28 chart with 679 Euros and
34% spent on rent. The medium of the group is Netherlands, Denmark, Spain and Belgium around the
600 Euros average, whilst the bottom end of the EU 28 is Latvia (186 Euros), Estonia (251 Euros) and
Lithuania (233 Euros). In terms of income spent on rent the EU 28 ranges from 39% (UK and Spain) to
15% (Lithuania), with a medium percentage of 25-28%.
Overall IrelandWealth Percentage
Dublin South- West South- East Mid- East Border Mid- West West Midlands

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House Prices worldwide quarter 1 2014-quarter 1 2015 and the Irish construction Industry
Hong Kong was the top performer with growth of 18.7%, Turkey is a close second at 18.6% with
Ireland in third place at 16.8%. The worst performers were Ukraine (-15.5%), Cyprus (-8.2%), China (-
6.4%), Dubai (-6.1%) and Greece (-6%). Europe had seven of ten of the worst performing countries
were (Ukraine -15.5%, Cyprus -8.2%, Greece -6.1%, Poland -4.9%, Slovenia -4.8%, Italy -0.3% and
France -1.9%) Whilst the top 10 performers (Turkey 18.6%, Ireland 16.8%, Luxembourg +12.1%,
Estonia +11%, Iceland +9.4%, Sweden +8.8%, Norway +7.2%) were particularly strong.
Ireland houses prices were up 2.7% from 2014-2015, with a country average 13.1% (average house price
increasing from 164,000 in 2013 to 204,000 in 2015) As total stock levels reached a nine year low, 25,000
properties for sale nationwide companies to 30,000 the previous year. The nationwide breakdown on
prices was Dublin at 306,613 Euro, Cork City 227,196, Galway City 223,602, Limerick City 145,244 and
Waterford City 129,397
It is reported Ireland needs to build 25,000 new homes per year to meet its growing population trends,
2015 saw only 10,000 new units built (6745 in the first quarter 2015 up 16% same time in the first quarter
2014). There are currently 184,000 units on ghost estates half of which aren’t even in the building stage,
only 35,000 of the units are situated in urban areas. Developers would need to build a minimum of 1,400
new houses per month to get close to the required new housing quota, but due to the high construction
costs and lack of new finance, foreign investment and developers are deciding not to build in Ireland
with only a 40-50% uptake. As of the quarter 3 2015 only 4,000 houses were active on the rental market
lowest number since 2006, this is a bad position for Ireland to be in as at least 50% of the population is
renting and this figure increases year on year (50% is the highest figure for the last 10 years)
2014 saw a total of 43,100 transactions worth a total of 9.3 billion, up to quarter two 2015 17,500
transactions worth 3.6 billion. As of March 2015 25,500 new homes were listed on myhome.ie with
5,550 propertied being listed for sale. The average time a house took to sell was 3 months, falling from
from 5.5 months back in 2012.There were 11,000 new completions in 2014 up from 8300 in 2013.
Cash buyers represent 50% plus of the housing market despite the end of capital tax gains exemptions
in 2014, with mortgage lending at 918 million Euros up 70% from the previous year. The IMF reported
the top 5 countries for available credit are Turkey (+6%), Sweden (+4%) Estonia (+3%) Norway (+3%)
and Malta (+2%). Ireland is the second lowest in Europe with -13%, only beaten by Ukraine -32%, The
countries that are comparable to Ireland are Slovenia -10%, Portugal -8%, Spain -6%, Iceland -5%.
Mortgage applications in 2013 totaled 17,056 transactions, 2014 saw an increase to 25,500 transactions.
In quarter 1 2015 a total of 6,210 transactions have already been processed. The quarter 2 2015 records
highlighted the emergence of cash buyers with nearly 47% of the market, as 8,228 transactions out of
15,435 were cash buyers. From 2013 to 2014 the average mortgage approvals increased from 183,813 to
188,378 (1.2% increase). The peak year for mortgages was 2006 with 114,600 transactions worth a total
of 32 billion, current levels are around 4.7 billion (26,756 transactions). The lowest year of activity was
2011 with 12,900 applications meeting a new low since the 1970’s as reported by the banking federation
of Ireland. The Central banks are looking to lend around 8 billion Euros in 2016 with a projected 11%
growth in 2016, following on from a 29% increase in 2015.

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The Bruce Shaw report looked at completion data between the years of 2004 and 2014, reporting the
following:
Bruce Report Completion report 2004-2014
Annual Housing Completions
Year Social Private
2004 5146 71,808
2005 5559 75398
2006 5208 88211
2007 6671 71356
2008 6801 44923
2009 5344 21076
2010 2069 12539
2011 1231 9295
2012 1061 7472
2013 504 7797
2014 234 7555
As the above chart demonstrates private property is being completed at a much higher rate compared
to social property. The peak year was 2006 with 5208 social and 88,211 private properties being
completed with a combined completion number of 93,419. Since 2007 the completion number has
dipped from 78,027 to 7,789. Social property also faced a decline in activity with levels of 234 in 2014
compared to 6,671 in 2007.
0
20000
40000
60000
80000
100000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Completions Social v Private
Social Private

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Annual Housing Completions by Type House Apartments
Year House Apartment
2004 60448 16106
2005 62522 18035
2006 73073 19946
2007 58936 18691
2008 38513 12811
2009 21272 5148
2010 12514 2088
2011 9146 1340
2012 7495 993
2013 7379 922
2014 8766 2250
Further to this the Bruce Shaw Report analysed and collected data on the breakdown houses v
apartments completed between 2004- 2014. As the chart below shows there is a huge disparity
between completed houses and apartments, with apartments peaking at 12,811 in 2007 dropping to
below 1000 by 2013 (993 in 2012 and 922 in 2013). By 2014 we see an increase to 2,250 similar to 2010
levels (2,088). Housing completions remained above the 60,000 mark from 2004 to 2006 (60,448 2004,
62,522 2005 and 73,073 2006) representing around 79% of total completions each year. From the years
of 2010 to 2014 numbers dropped below the 10,000 mark with figures of 9,146, 7,495, 7,379 and 8,766.
Despite the drop off Houses have remained around the 88%-80% mark of total completion over the
periods of 2010 to 2014. Apartments accounted for 20.4% of new completions in 2014, reaching fair
higher representation than previous years ranging from 11% to 14% (2010-2014).
The EU 28 in 2014 reported the breakdown of living arrangements was around 25.6% living in semi-
detached houses, 33.7% detached houses and 41% flats. Ireland was amongst the highest for semi-
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Year 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Annual completions byType

14. Produced by Matthew Scott 04/02/2016
14
detached at 58.3% (Netherlands leads EU 28 with 61.2%), but the lowest in the EU (less than 5%) for
flats/apartments (supporting the declining completion levels of the Bruce Shaw report). In contrast
Spain had 66.5%, followed by Latvia (65.1%) and Estonia (63.8%). Detached houses dwelling in the EU
28 mostly ranged from 25% to 70%, with Ireland around 30% compared to the high levels of Croatia
(72.6%), Slovenia (65.4%), and Hungary (63%). Ireland from 2006 to 2014 has remained building houses
at a far higher rate than flats, mirroring their European neighbours. Home-owned properties remained a
high percentage of property dwellers in the EU 28, with 27.1% owning a house without a mortgage, 43%
with an existing mortgage, 19% renting and 10.8% in affordable housing. The overcrowding rate of
property is around 17.1% with the worst countries being Romania (52.3%), Hungary (44.6%) and Poland
(44.2%), Ireland appears in the bottom three EU 28 countries at 2.8%, not far behind Belgium (2%) and
Cyprus (2.2%)
Construction output from 2008 to 2015 has seen growth in terms of value and percentage of GNP, the
2008 total construction value was 32.5 billion Euros and accounted for 20.2%. Since 2011 the total year
on year value has increased from 9.48 billion Euros to 12.55 Billion Euros in 2015, with the GNP ranging
from 6.8% to 7.6%. The Government are due to invest 2.2 billion in social housing from the periods of
2014 up till 2017 to meet the populations demand for social housing.
In 2014 areas such as Westmeath (+67%), Cork (+88%), Donegal (+50%), Galway (+45%) and Dublin
(+30%) saw increased construction levels, further to this Dublin and Cork accounted for 42% of new
planned applications and 35% of the new completions. Dublin had a total of 5.38 billion Euros worth of
Applications between 2014 and 2015 an 40% increase from the previous year, followed by Leinster up
30% (2.77 billion Euros), Connacht and Ulster up 27% (1.24 billion Euros) Munster on the other hand
saw a 5% decline on the previous year down to 1.88 billion Euros. The average time from the planning
stage to beginning building is 71 weeks, the residential market is the slowest at 132 weeks (with
education being the quickest turnaround time at 49 weeks). Over the first 9 months of 2015 around
11,795 new residential units commenced construction (up 98% from the previous year) with a total
value of 2.09 billion Euros. The good news for the residential construction industry is that potential
projects are up 29% with an estimated 27,750 residential units in planning stage (worth around 5.58
billion Euros).

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The Environment, Community and Local Government Authority published the housing completions
from quarter 1 to quarter 3 2015. The number of completions increased quarter by quarter beginning
with 2,629 transactions in Quarter 1 and increasing to 3,289 by Quarter 3, the cities with most activity
were Cork, Fingal, Dublin and Galway. 63% of people of Ireland now live in urban areas as of 2015, this
has increased from 50% from the 1980’s (all 26 counties apart from Lietrim have increased their
population). Leinster is responsible for tw0 thirds of population growth since the 1960’s. Urban living in
Ireland is still below the EU average of 75%, but still raises the issue of rural living becoming more
stagnate and under threat as each year passes.
Cork had the highest completion activity in Quarter 3 (289), placing second in Quarter 1 and Quarter
2(230 and 276).
Fingal throughout Quarter 1 and 2 maintained the highest completion output (244 and 318) with a
strong quarter 3 performance (271).
Galway saw its completion activity performance go from strength to strength, posting an increase
Quarter on Quarter (135,147,179).
Dublin City Council was the most active in completions registering a place in the top 5 position in every
Quarter (182,131 and 181).
Cities such as Carlow (36, 48, 51), Westmeath (29, 45, 63) and Cavan (59, 57, 78) displayed low
completion activity compared to the most active cities. All the cities combined posted less completions
in Quarter 1 than Fingal (124 to 244), this trend continued into Quarter 2 (150 to 318). In Quarter 3 the
transactions continued to increase to 192 completions, but still less than Cork with 289 completions.
Wexford (86,114,117), Waterford (60,103,125) and Wicklow (68,115,137) all reported increased
completion activity as the year progressed.
0
50
100
150
200
250
300
350
HouseCompletions Q1-Q3 2015
House Completions 2015 Q1-Q3 2015 Q1 House Completions 2015 Q1-Q3 2015 Q2
House Completions 2015 Q1-Q3 2015 Q3

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Pre 2014 average European squared metres total per house
Country Total SQ metres
Average
rooms
Average room size (SQ
metres)
UK 85 5.2 16.3
Ireland 88.3 5.3 16.7
Germany 86.7 4.4 19.7
Netherlands 98 4.2 23.3
Denmark 108.9 3.7 29.4
France 88 3.9 22.6
Spain 85.3 4.8 17.8
Italy 90.3 4.1 22
Portugal 83 4.3 19.5
Sweden 89.8 4.7 20.9
Greece 79.6 3.8 20.9
Belgium 86.3 4.3 20.1
Luxembourg 125 5.5 22.7
Finland 76.5 3.6 21.3
AVG 90.7 AVG 4.41 AVG 20.94
The above table is sourced from an independent.ie article in 2015 providing a snapshot of the average
European house prior to 2014. The three countries with the biggest houses were Luxembourg (125 SQ
M), Denmark (108.9 SQ M) and the Netherlands (98 SQ M). Luxembourg had not only the largest
overall houses, but also the most rooms (5.5), Denmark on the other hand had the second lowest
amount of rooms (3.7) and the biggest rooms (29.4 SQ M). The Netherlands, despite recording below
the average room’s figure (4.2) had the second biggest rooms with 23.3 SQ M.
Countries such as Finland (76.5 SQ M and 3.6 rooms) and Greece (79.6 SQ M and 3.8 rooms) appear in
bottom three for both total SQ M and average rooms, whilst having rooms above the average European
size of 20.94 SQ M (21.3 SQ M and 20.9 SQ M).
Ireland had the fifth largest houses in Europe (88.3 SQ M) and the second most rooms (5.3). The
average room size of 16.7 SQ M is comparable to that of the UK with 16.3 SQ M, also mirroring the
number of rooms (5.2).
2014-2015 newly constructed European houses
Country Total SQ metres Average rooms
Average room size
(SQM)
UK 76 4.8 15.8
Ireland 87.7 5.2 16.9
Germany 109.2 5.1 21.4
Netherlands 115.5 4.1 28.2

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Denmark 137 3.5 39.1
France 112.8 4.2 26.9
Spain 96.6 5.1 18.9
Italy 81.5 3.8 21.4
Portugal 82.2 4.7 17.5
Sweden 83 4 20.8
Greece 126.4 3.2 39.5
Belgium 119 5.8 20.5
Luxembourg 104.1 5.1 20.4
Finland 87.1 4 21.8
AVG 101.29 AVG 4.47 AVG 23.50
2014 to 2015 saw the average size of European houses increase from 90.7 SQ M to 101.29 SQM along
with the average room size 23.50 SQ M from 20.94 SQ M. The top three countries also change with
Denmark moving from second to first, followed by Greece no longer in the bottom two for overall size
(126.4 SQ M from 79.6 SQ M) then Belgium (119 SQ M from 86.3 SQ M). Denmark’s average house
grew from 108.9 SQ M to 137 SQ M, with bigger rooms (29.4 SQ M to 39.1 SQ M).Greece had the
largest rooms in Europe with 39.1 SQ M (increase from 20.9 SQ M from the pre 2014 stats) Belgium saw
their average rooms rise from 4.3 to 5.8 (with the average room size staying constant 20.1 SQ M and
20.5 SQ M).
The UK (76 SQ M), Italy (81.5 SQ M) and Portugal (82.2 SQ M) were the countries with the smallest
houses. The UK was no longer within the top 3 for average rooms dropping from 5.2 to 4.8 rooms along
with the average room size reducing (16.3 SQ M down to 15.8 SQ M). Italy previously had houses
averaging 90.3 SQ M prior to 2014 decreasing to 81.5 SQ M.This was despite factors such as the
average rooms figure dropping from 4.1 to 3.8 rooms (little change in room size remaining similar at
21.4 SQ m and 22 SQ M). Portugal had the third smallest rooms in Europe at 17.5 SQ M, the two
smallest room averages were the UK (15.8 SQ M) and Ireland (16.9 SQ M).
According to the SCSI, the Irish construction during its peak employed around 19% of the Irish market
back in 2007 (around 386,000 people), since then this number has decreased to 8% (around 160,000) in
2014. The employment levels have seen a reduction year on year from Quarter 1 2008 to Quarter 1 2013
(19% to 7%). Since Quarter 1 2013 to Quarter 3 2014 employment levels remained stable at 7-8%,
employing around 150-160,000 people.
The Daft report in 2015 painted a mixed picture of the residential market, with a stable 2015 in terms of
transactions per quarter ranging from 8,000 to 12,000 (Q1 2015 10,500, Q2 11,150, Q3 12,000 and Q4
8,000). Transactions remained very low between 2010 and 2012 only reaching 6,ooo as a high point
and 4,000 at its lowest, picking up in Quarter 4 2012 (9,000 transactions) . This trend continued with a
slow 2013 until quarter 3 and 4 when transactions increased to 8,000 and 11,500, a strong 2014 followed
on from this with a stronger quarter 1 than previous years (7,000) and reaching new heights in Quarter 4
(16,000). Last year (2015) Quarter 1 saw further improvement at 10,500 transactions but ended on a low
point with 8,000 transactions.

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The number of properties available on the market throughout 2015 reduced in every province with
Leinster having 6,500 in 2015 compared to 7,600 the previous year, Munster 10,000 compared to
12,500, Connacht/Ulster down to 8,000 from 10,000 in 2014. The good news from 2015 was that all
provinces had around 47% to 54% of the properties available selling within 4 months.
The Greater Dublin Area (GDA) only saw 2 areas of Dublin have any signs of growth with 1 bedroom
apartments, Dublin 1 (4.5%) and Dublin 3 (7.7%), whilst the biggest loses where in Dublin 6 (-16.9%),
Dublin 16 (-15.3%) and South County Dublin (-14.6%).
2 bedrooms areas of growth- Dublin 17 (+9.7%), Dublin 10 (+6.1) and Dublin 8 (+5.8%)
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 2012 Q3 2012 Q4
Transactions
0
2000
4000
6000
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10000
12000
14000
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2013 Q1 2013 Q2 2013 Q3 2013Q4 2014 Q1 2014 Q2 2014 Q3 2014 Q4 2015 Q1 2015 Q2 2015 Q3 2015 Q4
Transactions

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2 bedrooms biggest loses- Dublin 6 (-5.7%), Dublin 16 (-3.9%) and South County Dublin (-3.1%)
3 bedrooms areas of growth- Dublin 10 (+7.70%), Dublin 8 (+7.1%) and Dublin 24 (+6.5%)
3 bedrooms biggest loses- Dublin 6 (-4.38%), Dublin 2 (-2.8%) and Dublin 16 (-2.4%)
4 bedrooms areas of growth- Dublin 8 (+13.5%), Dublin 10 (+14.2%) and Dublin 24 (+12.9%)
5 bedrooms areas of growth- Dublin 17 (+24.5%), Dublin 10 (+20.4%), Dublin 8 (+19.7%)
5 bedrooms biggest loses- Dublin 1 (-8.7%), Dublin 2 (-6.4%) and Dublin 4 (-0.3%)
Outside of Dublin only Cavan saw any growth in one bedroom apartments at 3.1%, with the biggest
price drops being County Offaly (-13.5%), Carlow (-12.7%), Tipperary (-11.6%). All 2,3,4,5 bedrooms
outside of Dublin saw signs of growth:
2 bedrooms- Cavan (+15.7%), Waterford (+14.4%), Cork (+16.6%) and Clare (+17.1%)
3 bedrooms- Cavan (+22.89%), Lietrim (+18.5%), Clare (+19.89) and Cork (+19.2%)
4 bedrooms- Cavan (+24.4%), Clare (+21%), Leitrim (+20.1%) and Cork (+20.3%)
5 bedrooms- Cavan (+24.9%), Clare (+26.1%), Cork (+25.4%) and Waterford (+23.2%)
The level of vacant homes rose from 140,000 in 2002 to 266,000 in 2014, roughly around 17% of the
Irish property market at the time according to the Environmental Project carried out by the University
College of Dublin. Dublin will require up to 60% of the newly developed properties with Louth, Meath,
Kildare and Wicklow according to Dr Edgar Morgenroth. It is also reported that 60,000 new builds need
to be completed in Dublin by 2021 in line with their population growth, plus with another 180,000
nationwide. NCB Stockholders also believe that from 2006 to 2015 around 65,000 new builds are
required, with an additional 55,000 by 2020.
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
European construction trends 2014- 2018
2014 2015 2016 2017 2018

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European
construction trends
Construction
Output Year Year Year Year Year
Country
Spend (Billion
Euros) 2014 2015 2016 2017 2018
Germany 285 2.40% 1.80% 0.20% -0.40% 0.30%
France 200 -2.80% -0.40% 1.80% 1.60% 1.66%
UK 177 5.20% 5.19% 3.50% 2.40% 3.12%
Italy 163 -2.20% 1.10% 2.50% 2.80% 3.72%
Spain 63 -2.40% 1.80% 3.60% 5% 6.50%
Netherlands 60 0.30% 3.40% 3.50% 4.79% 5.78%
Switzerland 53 0.80% -0.70% 1.40% 1.59% 1.97%
Norway 46 2.10% 3.90% 2.50% 2.99% 3.80%
Poland 44 4.90% 7.10% 6.29% 6.70% 7.50%
Belgium 39 0.70% 0.00% 1.50% 2.40% 2.93%
Sweden 34 5.30% 1.30% 1.10% 1.60% 2.13%
Austria 32 1.70% 1.00% 1.30% 1.59% 1.91%
Finland 29 -0.20% 1.50% 1.79% 3.20% 4.10%
Denmark 27 2.50% 2.90% 3.50% 3.70% 4.20%
Czech Republic 16 1.00% 2.50% 3.30% 4.00% 4.96%
Portugal 15 -1% 2.50% 3.60% 5.00% 6.55%
Ireland 9 10.10% 9.00% 10.60% 9.20% 9.29%
Hungary 9 14.30% 5.10% 3.80% 2.90% 3.45%
Slovak Republic 4 -0.40% 1.80% 2.70% 3.00% 3.51%
The table and chart above is data from building radar, depicts projected future construction trends of
Europe from 2014 to 2018. In 2013 the “construction 2020” initiative was launched to boost
construction activity throughout Europe, the projected figures in the table above predict positive
growth across the board by 2016. Ireland shows a very strong performance between 2014 and 2018
with almost double digital growth year on year (+10.10%, +9.0%, +10.6% , +9.20% and +9.29%), the
country closest on projected growth is Poland (+4.90%, +7.10%, +6.29%, +6,7% and+ 7.50%). The larger
economies such as Germany (+2.40%, +1.8%, +0.20%, -0.40% and +.030%), France (-2.80%, -.0.40%,
+1.8%, +1.6% and +1.66%) and the UK (+5.29%, +5.19%, +3.5%, +2.4% and +3.12%) show signs of much
smaller growth year on year. Countries with recovering economies such as Spain and Italy will boost
growth from 2015 to 2018 (+6.50% and +3.72%) New residential construction activity across Europe
despite a-3% level drop-off in 2013, will see increased activity from 2014 to 2016 (+0.10%, +2.6% and
+4.7%).Overall construction activity from 2014 to 2020 will produce positive growth peaking at 3% in
2018 and a slight reduction of 2.7% and 2.5% in 2019 and 2020. Total value output of construction will
soon be drawing closer to the 2007 levels peak levels of 1.532 trillion Euros, with 2014 total spend of
1.305 trillion Euros (Ireland contributing 9 billion of this). From 2015 to 2018 we will see further
increased projected spending of 1.412 trillion Euros, 1.450 trillion Euros, and 1.478 trillion Euros.
2014- 0.5% growth

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2015- 1.5% growth
2016- 2% growth
2017- 2.5% growth
2018- 3% growth
2019- 2.7% growth
2020- 2.5% growth
Eurostat produced a construction cost report for Europe covering the years of 2010 to 2014, I am able
to use this data as an great indicator as too why Germany and France had such a high construction
output compared to many other European countries. The reason being construction output was
deemed more desirable, due to reduced construction costs from 2012-2014. The only surprise from this
chart is the UK performance and overall value output as it costs soared from 2013 to 2014, far higher
than that of any other European Country. Both Ireland and Poland where close in growth performance
year on year, their costs on the other hand differ with Poland having negative growth in 2013 and 2014,
Ireland maintained positive growth below 1.0% for both years. The five most expensive countries all
had positive growth above 2.5%, almost three times higher than that of Ireland at 0.7% (the UK 6.4%,
Norway 3.3%, Lithuania 3.2%, Malta 3.0%, and Hungary 2.5%). The UK, Norway and Hungary all
show signs of positive growth year on year from 2014 to 2020 in the building radar table. In Comparison
the countries with the lowest building costs all shared negative growth (Greece -3.1%, Cyprus -1.9%,
Poland -1.0%, Romania -0.5% and Slovenia 0.5%), these countries share a weak performing economy.
Poland had projected high levels of activity with predicted growth of +4.90% to +7.50%, sustaining
growth levels of 6% plus year on year from 2015 to 2020.
Turner and Townsend in 2015 analysed the construction costs per square metre across the world.
Ireland was amongst the most expensive European countries, with only the UK (London) incurring
-3.00%
-2.00%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
5.00%
6.00%
7.00%
Germany France UK Italy Spain Poland Ireland
Construction costs 2010-2014
2010 2011 2012 2013 2014

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higher construction costs. The UK (London) worked out to an average of 3,800 USD per square metre
across all construction builds (apartments, houses, office blocks, warehouses, hospitals, schools and
shopping malls) compared with Ireland at 2,400 USD, similar to the UK outside of London, Germany
and the Netherlands.
New residential builds in Ireland ranged from 1,250 to 1,750 Euros per square meter, whilst the
neighbouring European countries had a price range of 1,150 to 3,000 Euros. The most expensive build
type for Ireland, Germany and the Netherlands was high rise apartments costing 1,750 Euros, 1,850
Euros and 1,909 Euro (with the UK being detached houses at 3,000 Euro per SQ M). This trend was
similar with cheapest cost per square metre being townhouses (Ireland 1,250 Euros, Germany 1,150
Euros and the Netherlands 1,162 Euros (The UK being apartments low rise at 2,100 Euro). Europe
maintains very competitive labour cost per square metre compared to the world’s most expensive cities
averaging of 29-46 Euros, compared to the likes of New York 57.4 to 112 Euros (64-125 USD) ,Seattle
44-90 Euros (49-100 USD) and Houston 35-108 Euros (39-120 USD) . Only Sydney 24- 50 Euros (40-79
AUD) within the five most expensive cities comes close to the European labour costs.

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In conclusion
In conclusion, Ireland has a very bright future ahead as construction costs are stable around 1.0% and
predicted growth is almost double digits year on year from 2014-2018 (Ireland is only country with this
high level of growth) construction levels are on the rise from previous years of 8,300 and 10,000 in 2014
and 2015. It was pointed out that Ireland needed 25,000 new developments per year to meet their
property shortfall, but haven’t delivered anywhere near this number in the past. If you factor in the
predicted construction activity growth of double digit growth up to 2018, increased activity in 2015 and
increased completion numbers in 2014 (the first time since 2006 peak year) then Ireland is going to be
very busy. Completion levels were at an all-time low in 2013 and had seen production levels drop of to
below 1000 apartments and 7500 houses being completed. The 2008 construction levels peaked at a
total of 32.5 billion Euros and 20.2% of the GNP, with 2014 and 2015 reporting increased numbers of
9.48 billion Euros and 6.8% and 12.55 billion Euros and 7.6% .Thus looking to correct the issue of
reduced property availability across all the provinces from 2014 to 2015.
Employment in construction during the Celtic Tiger years was around 19% of the total labour force and
just under 400,000 people, since 2006 employment numbers steadied at 150-160,000 with new jobs
promised to continue the trend of increased activity. The need for more construction jobs is supported
by the facts of over 50% of the population is currently around 25-64, and the future house buyers 0-14 is
21.69% almost double that of the 65+ age range (12.60%).
Mortgage applications and lending has also followed the increased construction trend, with 29%
growth 2014 to 2015 resulting 26,756 transaction at a total value of 4.7 billion Euros Levels (up from
17,056 in 2013), a further 11% is expected 2015-2016 as the central banks look to lend closer to the 8
billion Euros level. These figures are still well short of the 2006 peak year of 114, 600 transactions and
total lending of 32 billion Euros, but going in the right direction. The housing market is 50% cash
buyers, as Irish citizens are now returning to Ireland and buying property from the cash used to sell their
international property especially in the UK, Dubai and Australia. Sales transactions are also showing
signs of improvement compared to the 2010-2012 levels were transactions averaged around 3-6,000
mark (part form 9,000 peak 2012 quarter 4). Transaction numbers were only below 10,000 once in the
across all the quarters in 2015 being quarter 4, the trend of the first quarter being the least active is not
broken in a five year period till 2015, and quarter on quarter growth on two occasions in 2010 and 2015.
Despite a strong performance in the world housing price index between 2014 and 2014, placing third
with 16.8% growth and being the highest European entry. Its performance in available credit leaves it
the second worst in the world at -13%, only beaten by the Ukraine at -32%t (the European top
performers saw their figures around the +6% to the +2 mark) Previous years saw most of the
construction activity centered around Dublin and Cork (representing 42% of new planning applications
and 35% of new completions in 2014) This was due to the size of their populations as Dublin now has 1.2
million people and 39% of the population , and Cork seeing their population increase from 402,465 to
519,032 from the first consensus in 1981 to the last one in 2011. Ireland’s construction and new
completion activity in 2015 saw Dublin fall below Fingal and Cork, with cities such as Wicklow and
Waterford enjoy increased activity quarter on quarter. Dublin has remained the most expensive area to
purchase or rent a house, due to it accounting for 47% of the GDP and employing 40% of the workforce.
In reality Dublin has more of the top 25% wage earners residing there (40-70,000 Euros) rather than the

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top 1 (200,000 Euros plus) which accounts for 23.5% of total capital earnt. Dublin’s status of the 13th
most expensive European city to live in (cost index score of 210) is not helped with it only coming fourth
in average income across Ireland (230,000 Euros), 59,000 Euros less than the South East (Carlow,
Kilkenny, Wexford and Waterford) and around 50% of the population earning less than 28,500 Euros.
The job initiatives nationwide across Ireland should elevate the pressure on Dublin to supply the
majority of jobs and also see future population movements, making housing more affordable across
Ireland nationwide. Areas such as Cavan, Cork and Clare experienced the biggest prices increases across
1 to the 5 bedrooms according to the latest Daft report. Dublin’s biggest areas of growth being Dublin 8
and 10, with Dublin 6 and Dublin 16 lost most value across 2 and 3 bedrooms. Dublin still remains nearly
80,000 more than Cork at 306,613 Euros, with Waterford the cheapest houses at 129,397. Future
reductions in the Dublin’s population would serve two important purposes, firstly regenerating areas
where massive employment levels were previously lost and secondly, reducing the price gap of Dublin
houses relative to the rest of the country. Through job initiatives country wide, counties previously
reliant on older industries can now look to increase their SMB activities or attract established business
to set up new offices increasing employment opportunities. The price gap between Dublin’s property
prices and the rest of Ireland needs to rectified, but due to 60% of new construction per year required
solely to fulfil Dublin’s house shortage this won’t be happening anytime soon. Counties such as the
South East (Carlow, Kilkenny, Wexford, Waterford and Tipperary) , the Mid-West (Clare and Limerick)
and the Midlands (Laios, Longford, Offaly and West Meath) are the top three average earning areas of
Ireland, with house prices far cheaper than that of Dublin.
Ireland and the UK are in a similar positions in both pre 2014 builds and 2014 new builds with their
average room sizes and overall house sizes are below the European average (almost half the size of
Denmark and Greece in the new 2014 builds). This a result of the large housing demand that Ireland
faces due its projected population size of growth 10 million by 2050 doubling the current population of
4.67 million (the UK population is 63.48 million). Countries such as Germany and France two of the most
populated European countries did the reverse, increasing their overall house and room size going from
below the European average pre 2014 to above it in the new 2014 builds. Ireland’s property market
consists mostly of detached and semi-detached houses as the Eurostat figures of 2014 (58.3% semi-
detached and 37% detached) highlighted, Whilst recording the lowest number of flat dwellers in the EU
28 (less than 5%) compared to that of Spain at 66.5%. This is clearly pointed out by the Bruce Shaw
report where new housing constructing continues to massively out number new apartments, as housing
contributes from 80 to 88% of new builds 2006 to 2014.
The housing market in Ireland should be positioned more to the European market, rather than Irish
citizens as it boosts the largest migration rate in the world at 17% accounting for 20% of total migration
activity from 2009 to 2014.The peak year for this was 2013 at 52,000 but has since decreased to 34,000
by 2015 as the Economy became stronger and more competitive. Immigration rates in Ireland continues
to remain higher than returning Irish citizens from 2010 onwards, despite a drop off from 2013 to 2015.
Unemployment in Ireland with 23.9% under 25 and 10% over 25%, is currently matching the EU 28
average, but with job creation on the increase and current SMB early planning numbers (57,500 new
jobs and over 60% of new entrepreneurs yet to employ in 2015) this will only reduce further.

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