Economy Measuring Ireland’s Progress 2012

Economy - Housing

2.19 Ireland: Dwellings completed, 1970-2012

Year	Number of dwellings
1970	13,887
1975	26,892
1980	27,785
1985	23,948
1990	19,539
1995	30,575
2000	49,812
2001	52,602
2002	57,695
2003	68,819
2004	76,954
2005	85,957
2006	88,419
2007	78,027
2008	51,724
2009	26,420
2010	14,602
2011	10,480
2012	8,488
Source: Department of the Environment, Heritage and Local Government

Ireland: dwellings completed, 1970-2012

There were 13,887 dwellings completed in 1970. This figure gradually rose to peak at almost 90,000 in 2006.
However the number of dwelling unit completions collapsed over the next six years to just 8,500 in 2012, below the levels of the early 1970's.

2.20 Ireland: New housing loans, 2003-2012

Year	New Houses	Other houses	Total Number	Total value (€m)	Average value of mortgage (€000)	Representative mortgage interest rate for building societies (%)
2003	35,292	49,457	84,749	13,524	159.6	3.74
2004	44,231	54,478	98,709	16,933	171.5	3.48
2005	53,758	53,922	107,680	21,536	200.0	3.49
2006	55,737	55,516	111,253	25,495	229.2	4.20
2007	46,588	37,698	84,286	22,457	266.4	5.25
2008	24,467	29,224	53,691	14,508	270.2	5.51
2009	9,832	15,340	25,172	5,831	231.6	3.46
2010	6,923	11,459	18,382	3,799	206.7	3.66
2011	3,033	8,204	11,237	2,105	187.5	4.18
2012	3,229	11,080	14,309	2,484	173.6	4.24
		Source: Department of the Environment, Heritage and Local Government

Ireland: New housing loans, 2003-2012

The average value of a new housing loan in Ireland increased strongly from €159,600 in 2003 to €270,200 in 2008 before falling sharply over the following four years to €173,600 by 2012.
The mortgage interest rate dropped from 3.74% in 2003 to 3.48% in 2004 before rising to 5.51% in 2008. The rate then dropped sharply to 3.46% in 2009 and has gradually increased each year since then to stand at 4.24% in 2012.

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