Wednesday 18 October 2017

Sligo: Signs of economic recovery becoming evident in Sligo town

Old coastguard station, Derk More, Dromard, sold for €1.276m
Old coastguard station, Derk More, Dromard, sold for €1.276m

Activity is surging in Sligo, with far more transactions taking place than in previous years. However, supply in the town itself was still way behind demand. As a result, prices are up 9pc.

Shane Flanagan of DNG Flanagan Ford adds, "The biggest increases were in places around Strandhill and Rosses Point. We sold a three-bed semi in Rosses Point for €290,000 at the end of last year, where they would have been €100,000 less just two years ago."

Supply is only an issue in Sligo town, however, with more properties available in rural areas. And while the rest of the county is seeing properties selling well, there are not the same sorts of price increase. Flanagan also believes that prices have now reached a point where it is feasible for the developer to return to the county and get building.

"There is a need for new builds in places like Ballincar, Rosses Point and Strandhill Road," says Flanagan. "A few small developments have started in Strandhill and there are a number of developers very keen to get their hands on some land in the Rosses Point area, but there's nothing available." Signs of economic recovery are now evident in Sligo town, with the main street now fairly well occupied.

There were two shopping centres built in the town just as the crash was about to happen, but they both survived and have good occupancy levels.

Brexit hasn't had any major impact on Sligo, according to Flanagan. "The knock-on effect so far has been fairly mild," he says. "We lost a few sales but we're a little bit removed from the whole thing, compared to counties like Donegal."

Flanagan isn't predicting big rises, and figures indicate a modest increase of 6pc in the coming year. This will vary from area to area and property type to property type, with apartments and ex-Corporation houses expected to see bigger rises as they are still coming up from such a low base, and bigger detached houses only due to go up by 3pc.

Irish Independent


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