Sunday 17 December 2017

Waterford: Cash buyers spark a fightback

Crab Creek, Kilmacleague in Dunmore East sold for €420,000 last year.
Crab Creek, Kilmacleague in Dunmore East sold for €420,000 last year.

Waterford's time has come after getting a "complete hammering" in the recession according to local agent Warren Palmer of Palmer Auctioneers.

As an industrial city, it really suffered for a few years, with many businesses closing their doors. But in 2014 cash buyers waded in at the bottom and the market sprang back and last year Waterford came back fighting.

"I think the commercial growth around the city has had a huge impact on the market," says Palmer.

The new shopping centre that is being proposed on Michael Street, along with the City Square shopping centre, will give Waterford a much-needed boost. Agents are now selling retail spaces that have been lying idle for year.

"There are a lot of investors happy to put their money into Waterford now. I find that people are more confident about spending. The new lending restrictions didn't seem to put potential purchasers off. There are definitely a lot of cash buyers out there."

Supply is becoming a problem for the county though and with no new housing developments in the pipeline, agents are still relying on repossessions to keep coming up with fresh properties to sell. This in itself can cause problems, with buyers getting frustrated over the length of time it takes to close these sales.

Palmer also said that 2015 saw the return of locals from places like Australia and Belgium, who had the money to settle down in Waterford after a few years abroad.

Dunmore East also had a strong year, with interested parties coming from Dublin or the UK looking for holiday homes or for a place to retire to.

Palmer is confident that the market will continue to grow in 2016 at a level of 16pc.

Irish Independent

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Promoted Links

Editors Choice

Also in this section