Friday 15 December 2017

Little change in slow market in the north

Bundoran, Co Donegal
Bundoran, Co Donegal
Mark Keenan

Mark Keenan

DONEGAL

Letterkenny, Bundoran, Donegal Town.

No Change

One Year Forecast: Up 5%

Average Price: €85,000

Assessing Agent: Property Partners Paul Reynolds; Cormac Meehan.

The Market:

The last 12 months showed very little change in prices with activity picking up only towards Christmas. Properties in Donegal Town and Letterkenny typically command a 25% premium compared with the rest of the county but sales in other towns remain sluggish and are a world away from the higher levels of activity on the eastern seaboard.

There is a continued over-supply of properties in Donegal and demand is quite weak.

A continued sell-off of distressed properties next year is likely to postpone a significant price rebound of the sort being experienced elsewhere in the country.

In Letterkenny, apartment sales potential is particularly bad.

Historically, cross-border cash sales have been important but the Northern Ireland economy continues to struggle and despite the relative strength of sterling, there is little appetite from that quarter at present other than for select holiday homes in good locations – which can easily fetch more than bigger properties in the towns.

Despite the big supply overhang across the county, there has been a scarcity of good starter homes around Letterkenny where most of the county's employment is concentrated.

 

The Prices:

2-bed apartment:

Jan 2013: €35,000

Jan 2014: €35,000

Jan 2015: €36,750

3-bed terrace:

Jan 2013: €65,000

Jan 2014: €65,000

Jan 2015: €68,250

2-bed cottage:

Jan 2013: €50,000

Jan 2014: €50,000

Jan 2015: €52,500

3-bed semi in the town:

Jan 2013: €75,000

Jan 2014: €75,000

Jan 2015: €78,750

4-bed detached:

Jan 2013: €150,000

Jan 2014: €150,000

an 2015: €157,500

3-bed bungalow in the town:

Jan 2013: €140,000

Jan 2014: €140,000

Jan 2015: €147,000

3-bed bungalow outside town:

Jan 2013: €170,000

Jan 2014: €170,000

Jan 2015: €178,500

Irish Independent

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