After the dramatic bust of the Irish Construction Industry in 2008, Ireland is now seeing robust growth in the Construction Industry once again. This growth has been lead by the commercial sector as a result of strong demand for new office space within the major urban centres. The Residential Sector is expected to see strong growth in 2017 and beyond due to a pick up in prices lead by the substantial increase in demand over the last few years.
So where does this leave the cost of construction works for Residential properties. As with any market costs are largely driven by supply and demand. Given the lack of activity in the residential Construction sector over the past 10 years in Ireland the available housing stock has decreased dramatically. Industry experts have established a constant demand of between 25,000 and 35,000 new homes needed on an annual basis just to meet current demand. House completion in 2015 was little over 10,000 with the majority of these identified as one off rural houses.
It also must be noted that the Construction industry was the hardest hit sector for job loses as a result of the 2008 recession. In 2007 there was 120,000 tradespersons working in the Irish Construction Sector. In 2016 this number stood at approximately 60,000 which is still only half of 2007 levels. Even with the low levels of employment, construction companies are starting to highlight the lack of skilled and qualified staff as a problem. This problem is understood when we consider the levels of construction workers who left the country during the recession and the level of workers who were forced to retrain in other sectors.
So looking at the increasing demand and the low labour resources as with any industry prices will start to increase. The cost to build a residential house vary demanding on the size of the property and level of finish but for a typical 4-bed semi, costs are approximately €1300 per sqm in 2017. This is up from lows of €1000 €1100 per sqm during the lows of the recession.
The only way to establish accurate costs in the current market is to get some valid quotations from building contractors. If you are looking for some quotes from builders to complete your extension, renovation or indeed a new build then simply post your project requirements on BruildPro. BuildPro provides a professional system to allow homeowners tender to construction companies to enable them to receive multiple quotes to complete their project. Our registered builders are waiting to price your project so why not upload your project details today for free.