Only 600 new student accommodations are expected to be built in Dublin this year, more than half down from last year’s 1,350, according to research by property brokers Cushman & Wakefield.
The numbers were lower than the 2,300 built in both 2018 and 2019, stoking fears that purpose-built student accommodation in Dublin was drying up. The investigation revealed that another 850 units will be built in 2023 and 2024.
Planning permission has been granted for a further 6,700 units.
The total stock of purpose built student accommodation (PBSA) in Dublin was 18,700 beds in the second quarter of 2022.
However, the stock is expected to rise just 3 percent in 2022, 1 percent in 2023, and 4 percent in 2024. This compares to an increase of 14 to 20 percent between 2017 and 2019.
Kate English, chief economist at Cushman & Wakefield, said the outlook for PBSA is unlikely to change anytime soon.
With over 78,000 applications submitted to the CAO in February, English said the demand for student places is growing – while at the same time the amount of PBSA being built is declining. She added that the situation combined with the pressure on the housing market is “very difficult for students”.
According to English, 4,300 student beds were under construction in 14 different programs as of the second quarter of 2019. That number compares to just 1,450 under construction in the same quarter this year, of which “600 are scheduled for completion in 2022 and 850 in 2023/2024.”
“In addition, there are approximately 10,000 beds in the pipeline,” she said. “On paper, that sounds substantial. Currently, however, 6,700 units have building permits – with many questions as to how many of these will reach the construction phase.”
https://www.independent.ie/business/irish/number-of-new-dublin-student-digs-to-fall-by-more-than-half-in-2022-41956087.html The number of new student digs in Dublin is set to fall by “more than half” by 2022