Yes the concept is logical, though not necessarily so if the space is going to be used simply as a dumping ground, a mere replacement for the shed that would stand in a garden that's going to be there regardless.
But certainly a combination of extra living accommodation, especially bedroom/study space, and storage is most compatible, especially if houses could be developed in a way as to allow the land fall away a little to the rear to permit at least some natural light to come through, if not even revert to an older c1900 model where the house is slightly raised up all the way around by 2/3 steps, like many American homes, to allow small windows front and back, if not even a fully exposed rear wall.
There's a very interesting case of a basement being put to 'extreme' use in Dublin at the minute, though not residential.
Essentially the Royal College of Surgeons want to build a nine storey building on St. Stephen's Green (York St corner
), but obviously can't get away with it. So they're digging deep - no less than four storeys deep in fact, surely one of the deepest basements to be built in recent times in Dublin.
Were they to build to 4/5 storeys from ground up, they'd consume nearly double the space, so it seems like a great idea.
Saying that, one would wonder about the quantities of energy that'll be consumed to keep things habitable down there.
Compared with a basic domestic application though, it really puts things in perspective. Basements are more than do-able if the will was there.
Does anyone even know of any recent residential cases in Ireland of basements being used?