Tuesday 23 July 2019

Killarney: 'Nice and steady' Killarney will experience modest growth

22 O'Kelly's Villas, Rock Road in Killarney was sold in September for €201k by Sherry Fitz Coghlan
22 O'Kelly's Villas, Rock Road in Killarney was sold in September for €201k by Sherry Fitz Coghlan

The market is Killarney is separate to the rest of Kerry because the tourism sector has never flagged and the town withstood the crash better than the rest of the county.

House prices have continued to rise year on year, with local agent Michael Coghlan of Sherry FitzGerald Coghlan reporting a rise of 4pc last year and thinks prices will go up a modest 3pc on average in the next 12 months.

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"Things are starting to level out," says Coghlan. "The huge lack of supply will drive prices up slightly again next year because there is very strong demand out there."

Demand is coming from all directions, with first-timers buymaking up about 35-40pc of buyers. According to Coghlan, the market is about 85pc local and 15pc outsiders.

Buyers are coming from Australia, America, Canada and Dublin. "Some of the better sales we've had are people with roots in the county who've decided that the time is right to get out of the UK with Brexit looming and return home to bring their kids up in Ireland," says Coghlan.

There were no big surprises in the market in Killarney last year for Coghlan. "Lending rules are working for the market in Killarney. I know not everyone agrees with them, but I do. It's keeping the market nice and steady and predictable."

There is building in the popular parts of Killarney like Aghadoe and Innisfallen, where two developments have sold out. A new development of three-bed semis in Barraduff is selling well.

Aghadoe is at high end of market with prices starting at €450,00 to €480,000, but Coghlan believes the demand is definitely there for them.

Irish Independent

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