An Economic and Spatial Plan for Limerick Appendices

Limerick 2030 An Economic and Spatial Plan for Limerick
The table above highlights the increasing importance of the private rented sector in the Limerick
Housing Market. It is important that investors are not dissuaded from entering this market, given its
relative strength, which is expected to continue into the short-term. Reports suggest, however, that
sentiment is at an all time low in terms of local investors, with one agent reporting that an investor
returned the keys to 17 no. properties in the same estate due to increasing costs (including taxes).
Vacancy rates have increased over the past ten years but have stabilised in the more recent past.
This is likely to be attributable to the reported lack of development activity since 2009.
Table 21: Limerick Residential Vacancy Rates
1996 2002 2006 2011
Vacancy Rate Limerick
(City and County)
7.9% 8.2% 12.6% 12.3%
Source: ESRI, 2012 30
Vacancy by property type
Apartment House
2006 2011 2006 2011
Limerick City 18.3% 30.8% 14.4% 7.6%
Limerick County
Source: ESRI, 2012
24.8% 27.1% 15.2% 11.9%
It is clear, however, that the majority of vacancies relate to apartment type developments, rather
than traditional housing and that this disparity has increased. There is a reluctance in the property
market to purchase apartments, either as an investment property or as a permanent residence. This
is reflected in the drop in asking prices with one agent reporting that no apartments are selling “to
locals” and that the last transaction was in the region of €85,000 for a 2-bed City Centre unit.
Limerick - Retail
The Retail Market in Limerick is underperforming as a whole, with the City Centre in particular
suffering. This is due to a number of factors but is generally attributable in the main to the
prevalence of out-of-town shopping centres in the area. 31 There are a large number of prime retail
units vacant in the City Centre and some of these units have remained vacant for a number of
years. The Smyths Toys unit on Henry Street, vacant as a result of the relocation of Smyths to the
Childers Road Retail Park, is one such example of a City Centre retailer moving to a suburban
location. Vacancy rates in the City Centre are significant with areas such as Sarsfield Street and
Cruises Street having notable large vacant units. O’Connell Street also has a number of prime
vacant units.
30 ESRI Quarterly Economic Commentary – Special Report, Summer 2012
31 Retail Strategy for the Mid West Region, 2009
June 2013 63