| 1. |
INTRODUCTION |
6 |
| 2. | SUMMARY |
8 |
| 3. | ECONOMIC ENVIRONMENT & SOCIAL BACKGROUND |
13 |
| 3.1 | GENERAL |
13 |
| 3.2 | ECONOMIC BACKGROUND. |
14 |
| 3.2.1 | Economic Growth in 2006 |
14 |
| 3.2.2 | GDP |
15 |
| 3.2.3 | Interest Rates |
17 |
| 3.2.4 | Imports and Exports |
17 |
| 3.2.5 | Consumer Confidence |
19 |
| 3.2.6 | Impact of the 2007 Budget |
20 |
| 3.3 | DEMOGRAPHIC PROFILE |
21 |
| 3.3.1 | Population |
21 |
| 3.3.2 | Regional Profiles |
23 |
| 4. | CONSTRUCTION MARKET OVERVIEW |
26 |
| 4.1 | TOTAL CONSTRUCTION MARKET |
26 |
| 4.1.1 | Value of Output – Construction New Work 2005 |
27 |
| 4.1.2 | Performance in 2006 |
30 |
| 4.1.3 | Forecasts for Construction Output 2007-2009 |
32 |
| 4.2 | REGIONAL CONSTRUCTION OUTPUT |
33 |
| 5. | THE NEW HOUSING MARKET |
36 |
| 5.1 | DEFINITION |
36 |
| 5.2 | HOUSE-BUILDING MARKET -OVERVIEW |
36 |
| 5.2.1 | Overall Market Performance |
36 |
| 5.2.2 | Drivers of Growth |
38 |
| 5.2.3 | The Housing Market During 2005 and 2006 |
39 |
| 5.2.4 | Housing Market 2007 and Beyond |
39 |
| 5.3 | HOUSING COMPLETIONS |
40 |
| 5.3.1 | Overall Figures |
40 |
| 5.3.2 | Housing Completions Per Capita |
44 |
| 5.3.3 | Private Sector Completions |
44 |
| 5.3.4 | Public Sector Housing |
45 |
| 5.3.5 | Housing Completions by Type of Unit |
47 |
| 5.4 | REGIONAL HOUSE-BUILDING ACTIVITY |
50 |
| 5.4.1 | Regional House-building Completions |
50 |
| 5.4.2 | Dublin Housing Market |
51 |
| 5.5 | HOUSE PRICES |
58 |
| 5.5.1 | National House Prices |
58 |
| 5.5.2 | House Price Growth beyond 2006 |
59 |
| 5.5.3 | House Price Inflation |
60 |
| 5.5.4 | Regional House Prices |
62 |
| 5.5.5 | Affordability/Mortgage Rates |
65 |
| 5.6 | HOUSING TRANSACTIONS |
68 |
| 5.7 | PREFABRICATED CONSTRUCTION IN THE IRISH HOUSING MARKET |
69 |
| 5.7.1 | Types of Prefabricated Building Construction |
69 |
| 5.7.2 | Application of Prefabrication to the Irish Housing Industry |
70 |
| 5.7.3 | Advantages/Disadvantages of OSM |
71 |
| 5.7.4 | OSM Suppliers |
73 |
| 5.7.5 | Timber Frame Housing in Ireland |
73 |
| 6. | THE HOUSEBUILDERS |
78 |
| 6.1 | DEFINITIONS |
78 |
| 6.2 | OVERALL MARKET |
78 |
| 6.3 | HOUSEBUILDERS COMPANY PROFILES |
79 |
| 6.3.1 | Quoted House Builders |
79 |
| 6.3.2 | Larger Regional House-builders |
84 |
| 6.3.3 | Smaller Unquoted House-Builders |
90 |
| 6.3.4 | Smaller Regional and Local House-builders |
94 |
| 7. | FUTURE PROSPECTS |
95 |
|
TABLES AND CHARTS |
| CHART 1 | IRELAND – HOUSE-BUILDING COMPLETIONS 1996-2011 |
9 |
| TABLE 2 | IRELAND – ANNUAL AVERAGE % CHANGE GDP 1998-2008 |
16 |
| TABLE 3 | IMPORTS AND EXPORTS FROM AND TO IRELAND 1996-2006 BY VALUE – (€ MILLION) |
18 |
| TABLE 4 | IRELAND – ANNUAL AVERAGE % CHANGE IN CONSUMER PRICES 1997-2006 |
20 |
| TABLE 5 | POPULATION OF THE REPUBLIC OF IRELAND 1992-2015 (MILLIONS) |
22 |
| CHART 6 | RESIDENTIAL CONSTRUCTION SHARE OF TOTAL CONSTRUCTION OUTPUT (%) 1996-2006 |
27 |
| TABLE 7 | VALUE OF CONSTRUCTION OUTPUT NEW WORK 1999-2009 (€M) |
29 |
| TABLE 8 | STRUCTURE AND VALUE OF THE IRISH CONSTRUCTION INDUSTRY 2006 (€ BILLION) |
31 |
| TABLE 9 | VALUE OF CONSTRUCTION OUTPUT BY REGION – 2003 AND 2005 (€M) |
34 |
| TABLE 10 | NEW DWELLINGS COMPLETED 1996-2006 (NUMBER OF COMPLETIONS) |
37 |
| TABLE 11 | NEW DWELLINGS COMPLETED 1996-2011 (NUMBER OF COMPLETIONS) |
41 |
| CHART 12 | NUMBER OF PLANNING PERMISSIONS VS. COMPLETIONS 2000-2005 |
43 |
| TABLE 13 | NEW HOUSE-BUILDING LEVELS PER CAPITA (1,000 OF POPULATION) IN IRELAND AND THE UK 1996 - 2006 |
44 |
| TABLE 14 | % SHARE OF PRIVATE AND PUBLIC SECTOR NEW DWELLINGS 1996-2006 |
45 |
| CHART 15 | BREAKDOWN OF THE SOCIAL HOUSING SECTOR - IRELAND 2005 |
46 |
| CHART 16 | TOTAL HOUSE COMPLETIONS BY TYPE - 2005 |
48 |
| CHART 17 | TOTAL HOUSE COMPLETIONS BY TYPE - 2004 |
49 |
| TABLE 18 | REGIONAL HOUSE-BUILDING COMPLETIONS (PUBLIC & PRIVATE) BY COUNTY (%SHARE) 2006 |
51 |
| TABLE 19 | HOUSE-BUILDING COMPLETIONS (PUBLIC & PRIVATE) IN THE DUBLIN AREA 2002-2006 |
52 |
| CHART 20 | NUMBER OF PLANNING PERMISSIONS IN DUBLIN Q1 02 – Q1 06 |
55 |
| TABLE 21 | AVERAGE PRICE OF NEW DWELLINGS IN IRELAND 1996-2009 (€’000) |
59 |
| CHART 22 | HOUSE PRICE INFLATION IN IRELAND 1996-2008 |
61 |
| TABLE 23 | AVERAGE PRICE OF NEW DWELLINGS BY COUNTY 1996, 2004 & 2005 (€’000) |
63 |
| CHART 24 | IRELAND HOUSE PRICES – NATIONAL VS. DUBLIN - 2001-2006 (€000’) |
65 |
| CHART 25 | HOUSE AFFORDABILITY INDEX – MORTGAGE PAYMENTS AS A PERCENTAGE OF NET MONTHLY INCOME (1990-2007) |
66 |
| TABLE 26 | HOME OWNERSHIP IN IRELAND (ALL TYPES OF HOME) – WHOLE COUNTRY VS. DUBLIN 2001-2005 |
69 |
| TABLE 27 | ABBEY PLC - KEY FINANCIAL INDICATORS |
80 |
| TABLE 28 | MCINERNEY HOLDINGS PLC - KEY FINANCIAL INDICATORS |
82 |
| TABLE 29 |
KEY INDICATORS FOR ABBEY PLC AND MCINERNEY HOLDINGS PLC - 5 YEAR ANALYSIS |
83 |
