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Cavan: 'Demand is here' after wait of more than eight years

Tony Breathnach of Cavan Real Estate cracked open a bottle of champagne the day that a property that had been on his books for eight-and-a-half years finally sold during 2014.

"It confirmed that the demand was finally back after a very long lull."

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Cavan 6 Derryoak, Ballyconnell April 3/2014 - sold for €87,000 September 17/2014 - sold for €118,500 Increase - 36pc

Cavan 6 Derryoak, Ballyconnell April 3/2014 - sold for €87,000 September 17/2014 - sold for €118,500 Increase - 36pc

Cavan 6 Derryoak, Ballyconnell April 3/2014 - sold for €87,000 September 17/2014 - sold for €118,500 Increase - 36pc

Breathnach reports that there is now lots of activity at the lower end of the market, with purchasers with 'small money' looking for property to purchase.

And he was kept busy in the latter part of the year as the expiration of CGT relief approached.

Cavan
House Types201420152016
"Detached 2,000+ sq ft", €185,000 €220,000 €264,000
Holiday home, €70,000 €80,000 €96,000
3-bed semi in town, €75,000 €85,000 €102,000
3-bed semi out of town, €45,000 €60,000 €72,000
4-bed semi in town, €80,000 €90,000 €108,000
4-bed semi out of town, €69,000 €75,000 €90,000
4-bed detached, €110,000 €130,000 €156,000
5-bed detached, €115,000 €135,000 €162,000
3-bed bungalow in town, €105,000 €115,000 €126,500
3-bed bungalow outside town, €75,000 €105,000 €126,000
4-bed bungalow in town, €110,000 €132,000 €158,000
4-bed bungalow outside town, €80,000 €120,000 €144,000
2-bed apartment, €25,000 €45,000 €54,000
2 up/2 down, €45,000 €56,000 €67,000
3-bed terrace, €50,000 €60,000 €72,000
2-bed cottage, €35,000 €45,000 €54,000
Ex-corporation 3 bed, €27,000 €50,000 €60,000

"Prices increased over the course of last year and stabilised towards the end.

"The biggest issue we have now is one of stock generation.

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BELTURBET:There's a waiting list for properties in the scenic Riverrun holiday development in Belturbet

BELTURBET:There's a waiting list for properties in the scenic Riverrun holiday development in Belturbet

BELTURBET:There's a waiting list for properties in the scenic Riverrun holiday development in Belturbet

"I have waiting lists for all property types but the supply is just not there.

"Until it is profitable to build again, the prices will keep rising.

"They'll only level off when there is a margin for developers to incentivise them to start buiding."

Unusually, Breathnach says that he is now selling more large detached houses on their own grounds than any other category of property - and that the price of these went from an average of €185,000 to €220,000 over the course of the last 12 months.

He also reports that holiday homes in holiday schemes are sought after once again after a lull in demand for several years.

Independent.ie Guide to House Prices in Ireland

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Irish Independent