Planning permissions granted for apartments more than doubled in the third quarter, according to the latest planning data. The Central Statistics Office (CSO) figures show planning permissions were granted for 4,803 apartment units between July and September, which was 105 per cent up on the same quarter last year.
Dublin accounted for 64 per cent of apartment planning permissions, with Dublin City Council accounting for almost half.
The figures show the Dublin City Council local authority area accounted for more than one in four planning permissions granted for houses or apartments across the State in the third quarter, with 2,270 apartment units and 394 houses.
There has been an influx of foreign investment into the State’s real estate sector. Most of it has financed or is invested in the building of apartments in urban areas, where high rents have generated strong returns for investors.
Overall the CSO figures show there was an annual increase of more than 43 per cent in the total number of dwelling units approved across the State in the third quarter at 9,662 units compared with 6,743 units in the same quarter last year. An annual decrease of 23 per cent was recorded in the second quarter of 2023.
The number of dwelling units granted during the third quarter was almost evenly split between houses (4,859) and apartments (4,803). The number of houses granted planning permission rose by more than 10 per cent, while apartment approvals more than doubled.
For the nine-month period of January to September this year there was an overall growth of 13 per cent in the total number of dwelling units approved when compared with the same period in 2022.
There was an annual rise of 32 per cent in multi-development houses receiving planning permission in the third quarter compared with an annual decrease of 6 per cent in the previous quarter.