Wednesday 26 July 2017

GalwayHi17°| Lo

Galway Independent


House prices up 13% in Galway City

Thursday, 6th July, 2017 4:19pm

House prices have risen by over 13 per cent in Galway City over the past year, with prices in the county rising by over 8 per cent.

That’s according to the latest House Price Report by property website
Over the last year, house prices nationally have risen by more than €2,000 a month. The 4.3% increase in the second quarter of 2017 matched the increase seen in the first quarter. The national average list price during the second quarter of the year was €240,000, 11.7% higher than a year previously and over €75,000 higher than its lowest point.

Galway house prices

In Galway City, prices in the second quarter of 2017 were 13.4 per cent higher than a year previously, compared to a rise of 14 per cent seen a year ago. The average house price is now €269,000, 67% above its lowest point.
In the rest of Galway, prices in the second quarter of 2017 were 8.5 per cent higher than a year previously, compared to a rise of 13 per cent seen a year ago. The average house price in County Galway is now €182,000, 44 per cent above its lowest point.
A breakdown of average prices shows the average one bed apartment in Galway City is now €98,000 (up 11.5 per cent), a 2-bed terraced house is €141,000 (up 20.5 per cent), 3-bed semi-detached house is €215,000 (up 11.6 per cent), a 4-bed bungalow €372,000 (up 11.4 per cent), and the average 5 bed detached is €449,000 (up 12.8 per cent).
The average prices for homes in County Galway meanwhile are €55,000 for a one-bed apartment (up 5.8 per cent), €75,000 for a 2-bed terraced house (up 19.8 per cent), €109,000 for 3-bed semi-detached house (up 17.4 per cent), €204,000 for a 4-bed bungalow (up 7 per cent), and €245,000 for the average 5 bed detached home (up 15.6 per cent).

Strong demand

Nationally, the number of properties being listed continues to rise. Over 6,000 properties were listed for sale in May, the highest monthly total since the middle of 2008. Nonetheless, due to strong demand, the total number sitting on the market remains very low, at just 22,400 on 2 June. While this is higher than three months earlier, it is 11% lower than on the same date in 2016 and roughly two-thirds below the 2008 peak.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Report, said that after two years where Central Bank rules had capped house price growth in the capital, the relaxation of those rules has helped drive prices further up.
“With each passing quarter, the imperative becomes even greater to address the high construction costs that are limiting the ability of supply to meet strong demand,” he said.

ePaper Service

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8
Desktop, Tablet & Smartphone friendly
Cookies on Galway Independent website
We use cookies to ensure that we give you the best experience on our website. We also use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on the Galway Independent website. However, if you would like to, you can change your cookie settings at any time by amending your browser settings.
How does Galway Independent use cookies?
Cookies enable us to identify your device, or you when you have logged in. We use cookies that are strictly necessary to enable you to move around the site or to provide certain basic features. We use cookies to enhance the functionality of the website by storing your preferences, for example. We also use cookies to help us to improve the performance of our website to provide you with a better user experience.
We don't sell the information collected by cookies, nor do we disclose the information to third parties, except where required by law (for example to government bodies and law enforcement agencies).
Hide Message