The number of apartments granted planning permission last year fell almost 40 per cent amid further signs of a slowdown in building activity.
Central Statistics Office (CSO) data on Wednesday show planning permissions for all unit types fell by more than 21 per cent in 2024, from 41,225 to 32,401. That compares with an annual increase of 20.6 per cent in 2023.
The main driver was a fall-off in planning permissions for apartments, which dropped 39 per cent, from 21,487 to 13,194.
House approvals were down 2.7 per cent.
While not all planning permissions lead to actual housing units, they are a key indicator of the housing pipeline. The pronounced fall-off in apartment permissions is linked to the exodus of institutional investors from the private rented sector (PRS) here.
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The Government is considering reforming the current rent pressure zone (RPZ) system which limits annual rent increases to 2 per cent or inflation – whichever is lower – to entice further investment.
The CSO figures indicated planning permissions for apartments in Dublin dropped 46 per cent to 6,122 last year. The capital still accounted for 46 per cent of all apartments approved in 2024, followed by Cork at 10 per cent (1,282 units), and Louth at 7 per cent (935 units).
The figures also indicated there was a 46 per cent fall in the number of Strategic Housing Developments (SHD) dwelling units approved.
