Asking prices for Galway homes up by 13% on last year
Asking prices for homes in Galway City have increased by an average of 13% over the past year, according to new research.
The report from property website Daft.ie shows that the average asking price in the city is €179,000 – up from €159,000 one year ago.
Experts have renewed their warnings that prices will continue to rise unless the chronic lack of supply of homes for sale is addressed.
Economist with Daft, Ronan Lyons, said: “The total number of properties on the market on October 1 was just over 30,000, the lowest figure since March 2007. Supply shortages remain and this has helped push up values.
“The concern is that this supply shortage is now feeding into expectations. While price rises driven by shortages can be stopped by increasing supply, tackling price rises driven by expectations is significantly trickier,” said Mr Lyons.
In Galway City, the average asking price for a one-bed apartment is €85,000 (up 17.9%); a two-bed terraced is €89,000 (up 9.5%); a three-bed semi is €146,000 (up 11%); a four-bed bungalow is asking €242,000 (up 8.9%) and a five-bed detached is asking €312,000 (up 0.9%).
For comparison, increases in Dublin averaged around 25%; in Cork City, the rise was 10.7%; in Waterford City, the increase was 2.5%, while there was a drop of 3.8% in asking prices in Limerick City.
For County Galway, asking prices are up 3.4% over the past year, and now averaging €134,600.
The average asking price of a one-bed apartment is €46,000 in the county (down 1.6%); a two-bed terraced home is €51,000 (down 2.1%); a three-bed semi is down 6.8% to €72,000; a four-bed bungalow is €154,000 (up just under 1%) and a five-bed detached is asking on average €179,000 (up 6.5%).
Read more in this week’s Connacht Sentinel