Vacancy rates across Cavan and Monaghan are higher than the national average of 4%. There were 415 residential buildings under construction in Co Monaghan while 287 were being built across Co Cavan in December 2022
That's according to the latest GeoDirectory Residential Buildings Report which also found that in the twelve months to December 2022, 227 new residential address points were added to the GeoDirectory database in Cavan while there were 257 in Monaghan.
The report highlights how the residential vacancy rate in Monaghan is 5.2% and 7.5% in Co Cavan. Dara Keogh, CEO of GeoDirectory said ideally the rate in Cavan should be a little lower while the figures in Co Monaghan indicate stability in the housing market there.
"Monaghan at 5.2% is probably okay - the market is functioning fairly well but Cavan at 7.5% is a little bit too high. That indicates there are buildings there that could be occupied. It would be important to get the 7.5% down to the 4% or 5% range," he added.
Meanwhile, in the twelve months to October 2022, there were 665 residential property transactions in Cavan with an average property price of €196,391 - this was lower than the national average of €354,060.
In Co Monaghan, 369 residential property transactions took place with an average price of €203,794.
