Measuring Ireland's Progress 2014

Economy - Housing

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	number of dwellings completed
1970	13887
1971	15380
1972	21572
1973	24660
1974	26256
1975	26892
1976	24000
1977	24548
1978	25444
1979	26544
1980	27785
1981	28917
1982	26798
1983	26138
1984	24944
1985	23948
1986	22680
1987	18450
1988	15654
1989	18068
1990	19539
1991	19652
1992	22464
1993	21391
1994	26863
1995	30575
1996	33725
1997	38842
1998	42349
1999	46512
2000	49812
2001	52602
2002	57695
2003	68819
2004	76954
2005	85957
2006	88419
2007	78027
2008	51724
2009	26420
2010	14602
2011	10480
2012	8488
2013	8301
2014	11016

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 seven years to just 8,300 in 2013, below the levels of the early 1970's.
In 2014 there was a small increase to 11,016 in the number of dwelling units completed.

2.20 Ireland: Housing loans¹, 2005-2014

Year	New Houses	Other houses	Total Number	Total value (€m)	Average value of mortgage (€000)	Representative mortgage interest rate (%)²
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	187.3	4.18
2012	3,229	11,080	14,309	2,484	173.6	4.24
2013	2,522	11,093	13,615	2,368	174.0	4.36
2014	3,727	16,599	20,326	3,669	180.5	3.28
Source: Department of the Environment, Community and Local Government
¹ These data contain an unquantified element of refinancing of existing mortgages.
² See Appendix 1 for more details. Discontinuity in mortgage interest rate series in 2008 and 2014.

The average value of a housing loan in Ireland increased strongly from €200,000 in 2005 to €270,200 in 2008 before falling sharply to €173,600 in 2012 and rising slightly to €180,500 in 2014.
The mortgage interest rate rose from 3.49% in 2005 to 5.51% in 2008 and then dropped sharply to 3.46% in 2009. Over the following four years the rate gradually increased to 4.36% in 2013 followed by a drop to 3.28% in 2014.

	Average mortgage interest rate for Building Societies
2005	3.49
2006	4.2
2007	5.2475
2008	5.5125
2009	3.46
2010	3.6625
2011	4.1775
2012	4.2375
2013	4.36
2014	3.28333333333333

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