Galway County: County up 15pc with Tuam star performer
Published 23/01/2016 | 02:30
The last year has been the crucial one for the Galway County property market which was hit hard by the downturn.
Prices have risen by a whopping 18pc following a previous annual increase of 12pc - albeit coming back from a very low base. Local agent Martin Tyrrell reports a boost in the market outside the bigger towns in Galway County, with a new sense of community and vibrancy. "There's definitely a new lease of life in evidence outside the big towns," he says.
Prices around Galway County were well up in 2015. Three-bed semis in town were going from €77,000 in 2014, to €90,000 in 2015. A five-bed detached outside town went from €135,000 to €160,000.
Tyrrell believes that the market will continue to see growth well into 2016 and beyond. "For the next couple of years I can see a steady increase of between 5-10pc, depending on the area. With projected growth for the overall economy in Ireland, there is certainly more confidence out there and a new attitude to spending."
"There was an improvement in all-round confidence and I think the availability of finance played a big part in this," says local agent Martin Tyrrell.
Tyrrell said the two most important factors were the old reliables - location and quality. "We achieved €300,000 for a rural-based property in the Corbally area - a record for us. It's a very good market for good-quality homes."
There is no new building starting in the county in earnest as yet, but Tyrrell says that there is definitely a demand.
Tuam was as popular as always with buyers, with many commuting in and out of Galway city, which is only 30 minutes away. Tyrrell says that people are also attracted to the town because of the improvement in facilities like schools, shops and leisure centres.