Saturday 21 October 2017

Good employment ensures rebound in the capital of the West

Eyre Square in Galway
Eyre Square in Galway
Mark Keenan

Mark Keenan

GALWAY CITY

Up 8%

One Year Forecast: 10%

Average Price: €165,000

Assessing Agent: O'Donnellan & Joyce.

The Market:

Lack of supply and good employment in the city has ensured a rebound over the past six months in particular, while the rural parts of the county continue to struggle.

Within the city itself, areas west of the bridge such as Taylor's Hill typically continue to command 25% more than elsewhere in the capital of the West.

Investors are beginning to trickle back to the city to reinvigorate a traditionally thriving rental market attached to the city's industry, regional hospital and university.

With yields of around 8% and additional Dirt tax on deposits all but wiping out the latter's values, estate agents are noticing renewed enthusiasm for the buy-to-let market.

The chasm between city and county is significant: a three-bedroom semi in Cloonfad recently sold at auction for €35,000; the same house in urban Galway would expect around €175,000.

Local estate agents say house prices will continue to suffer in rural areas because of the high levels of emigration.

The Prices:

2-bed apartment:

Jan 2013: €120,000

Jan 2014: €130,000

Jan 2015: €143,000

2-bed terrace:

Jan 2013: €130,000

Jan 2014: €140,000

Jan 2015: €154,000

3-bed terrace:

Jan 2013: €139,000

Jan 2014: €150,000

Jan 2015: €165,000

Ex-corporation 3-bed:

Jan 2013: €88,000

Jan 2014: €95,000

Jan 2015: €105,000

3-bed semi in town:

Jan 2013: €176,000

Jan 2014: €190,000

Jan 2015: €209,000

3-bed semi outskirts:

Jan 2013: €162,000

Jan 2014: €175,000

Jan 2015: €193,000

4-bed semi in town:

Jan 2013: €213,000

Jan 2014: €230,000

Jan 2015: €253,000

4-bed semi outskirts:

Jan 2013: €139,000

Jan 2014: €150,000

Jan 2015: €165,000

4-bed detached:

Jan 2013: €231,000

Jan 2014: €250,000

Jan 2015: €275,000

5-bed detached:

Jan 2013: €278,000

Jan 2014: €300,000

Jan 2015: €330,000

3-bed bungalow outskirts of town:

Jan 2013: €102,000

Jan 2014: €110,000

Jan 2015: €121,000

4-bed bungalow outskirts of town:

Jan 2013: €139,000

Jan 2014: €150,000

Jan 2015: €165,000

Detached 2000+ sq ft:

Jan 2013: €185,000

Jan 2014: €200,000

Jan 2015: €220,000

Irish Independent

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