The Halifax annual review of the value of Ireland's housing stock has found that Galway city's housing stock is worth €21 billion, representing two per cent of the national total of €511 billion.

Housing equity in Ireland is €388 billion. The value of the Irish housing stock has increased by 366 per cent, or €401 billion over the last ten years but fell by four per cent (€21 billion) in 2007, reflecting a slower housing market.

Galway City's private housing stock was valued at €21 billion for 2007, with Irish cities accounting for more than one third of the value of the housing stock at €173 billion.

The Halifax review of the value of the Irish housing stock 2008 tracks the value of the private residential housing stock at a city and national level in the Republic of Ireland. Historical data from the Department of Environment, Heritage and Local Government on dwelling stock and home completions has been used as a base for calculating the total value of the Irish private residential housing stock.

Gabriel Bannigan, Head of Halifax, said: "Despite the recent slowdown in the housing market, Ireland's household balance sheet is in good shape. Irish households have a combined €388 billion of equity in their homes and homeowners in Galway city will be happy to see that the city's housing stock is valued at €8 billion, despite a modest fall in the national value last year."

Irish housing equity was €388 billion in 2007 with total outstanding mortgage debt of €123 billion equivalent to only 24 per cent of the value of Irish housing assets, €511 billion. The housing equity of €388 billion was down from €421 billion in 2006. The total value of Irish private sector housing assets was equivalent to around 4.1 times the value of housing secured debt last year.

Housing equity has increased by 143 per cent (€228 billion) since 1999, the earliest year data is available, when it totalled €160 billion. The value of Irish housing assets has increased by €327 billion since 1999 versus a €99 billion increase in mortgage balances.

The increase in value of the housing stock has significantly outpaced inflation. The CPI has risen by 43 per cent over the past decade versus a 366 per cent increase in the value of the housing stock.

The five largest conurbations accounted for 34 per cent of the total value of the Irish housing stock in 2007, worth €173 billion. Greater Dublin accounts for 26 per cent of the value of the Irish housing stock at €132 billion. This was followed by Cork, €21 billion (four per cent), Limerick, €8 billion (two per cent), Galway, €8 billion (two per cent) and Waterford, €4 billion (one per cent).

Over the past ten years the increase in the value of the Greater Dublin housing stock (297 per cent) has been below the national average (366 per cent).

The value of the Northern Ireland housing stock has increased by 404 per cent over the past ten years compared with a 366 per cent increase in Ireland's private housing stock. However, the Irish housing stock (€511 billion) is valued at 3.1 times the private housing stock in Northern Ireland (€167 billion). Over five years the Northern Irish housing stock has increased in value by 188 per cent compared with a 73 per cent increase in Ireland.

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