Tuesday 17 September 2019

Cork County West: London commuters fly in to push up prices of homes on the coast

Average Price: €240,000
Areas:
Skibbereen, Kinsale, Glengarriff, Glandore, Glanmire, Union Hall, Roscarberry
Up: + 5% pc
One Year Forecast: + 15%
Assessing Agent: Charles McCarthy

Charles McCarthy reports that the most typical property on his books is a four-bed detached on the coast - which is now selling for an average price of around €420,000.

In West Cork, it seems, it's all about the water.

Westerley, Ballylicky, Bantry, West Cork, sold in April 2014 for €600,000
Westerley, Ballylicky, Bantry, West Cork, sold in April 2014 for €600,000

However when inland prices are included the average price comes down to €240,000.

The last 12 months has been good for McCarthy whose sales included a coastal property with sea access for €1.7m in a market which has long had substantial foreign input.

Cork County West
House Types201420152016
4-bed detached coastal, €400,000 €420,000 €483,000
4-bed detached inland, €275,000 €285,000 €328,000
5-bed detached coastal, €450,000 €500,000 €575,000
Holiday home, €430,000 €500,000 €575,000
"Detached 2,000+ sq ft", €400,000 €440,000 €506,000
3-bed bungalow in town, €220,000 €240,000 €276,000
3-bed bungalow outside town, €300,000 €330,000 €379,500
4-bed bungalow in town, €230,000 €250,000 €287,500
4-bed bungalow outside town, €350,000 €350,000 €402,500
3-bed semi in town, €140,000 €145,000 €167,000
4-bed semi in town, €170,000 €180,000 €207,000
2-bed apartment, €80,000 €80,000 €86,000
3-bed terrace, €140,000 €140,000 €161,000
1-bed cottage, €90,000 €100,000 €115,000
2-bed cottage, €250,000 €250,000 €287,500

"Two thirds of our sales last year were to people based abroad - either Irish looking to move or buying with a view to retiring here in the future.

"They all want property on the coast, and are prepared to pay a premium for that.

Anything with direct access to the sea is hugely in demand by sailors and boat-owners.
Anything with direct access to the sea is hugely in demand by sailors and boat-owners.

"I sold a house recently to a young Irish banker based in London for €1.4m - that's a very nice holiday home indeed."

McCarthy has also noted an increase in the number of purchasers looking to base themselves within easy reach of Cork Airport.

"Commuting to London is a reality for a number of buyers," he says. Wealthy city bankers do this.

"Heathrow is only two hours away."

As a result of steadily growing demand, McCarthy is predicting a substantial increase of 20pc in the value of coastal properties during the year ahead.

Inland, he reckons that increases will be more modest, but still in the region of 10pc. (This leads to an average predicted increase of 15pc across the West Cork market.)

The scenery and UK air proxmeans this location is increasingly sought after by British natives looking for an attractive location to retire to outside of the UK.

Independent.ie Guide to House Prices in Ireland

We have surveyed estate agents in every corner of the country to bring you the most comprehensive guide to house prices in Ireland. Whatever type of home and area you are interested in, the details are just a click away using the links below. 

Irish Independent

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