Wednesday 20 September 2017

Galway County: City buyers explore county to find better value

8 Gleanntán na hAbhann, Killora, Craughwell, was sold for €385,000
8 Gleanntán na hAbhann, Killora, Craughwell, was sold for €385,000

It took a while for Galway county to see any signs of price recovery after the crash, but the turn began in 2015 and that growth continued through 2016. Prices went up 14pc in the last 12 months and, while that might seem high, values took a particular trouncing in the crash and are coming back from a very low base.

Tuam-based agent Martin Tyrrell is relieved that the market in the county area is finally moving again.

"Things definitely improved last year," says Tyrrell. "Supply is tight enough but there are one or two developments in the pipeline around the county."

Tuam is one of the towns that is doing better economically, with employment rates high thanks to Valeo Vision Systems, which employs more than 1,000 workers at its car-components plant. Tyrrell says that there have been big improvements in amenities and facilities, such as schools, shops and a leisure centre.

He reports good value to be had outside Galway City, which is enticing urban buyers further afield to more rural areas. These buyers are happy to commute into the city if they feel they've got enough value for their money. A three-bed bungalow outside the city can be bought for €95,000 or a two-bed cottage for €88,000.

Tyrrell says that he hasn't noticed much of a difference since the Brexit vote last year, although he still has a steady stream of American buyers coming in who are set on getting their hands on property in Connemara.

Prices are going to rise at a slower rate in 2017, according to Tyrrell. He is predicting an increase of 6pc, with three-bed semis possibly rising by 10pc, while five-bed detached houses outside towns are only expected to go up by 3pc, which would bring them to €180,000 by January 2018.

It should still be possible to purchase a two-bed cottage in the county in 2018 for under €100,000, with Tyrrell predicting an average price of €90,000 in 12 months' time.

Irish Independent


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