Auctioneering firm recorded €70m in sales during 2020
Galway-based estate agency O’Donnellan & Joyce Auctioneers has reported sales in excess of €70 million during 2020, with properties still being “snapped up”, despite the pandemic.
According to the company, which had a 21% market share in terms of sales volumes locally last year (based on statistics from Daft.ie), there is still pent-up demand for residential property.
Niall Browne, Residential Sales Manager, said is busy with a “massive influx” of secondhand homes on the books as owners look to cash out on investments, upgrade to a more modern family home or empty nesters look to downsize.
“With the strength of the market in Galway at present, many properties which are listed for sale are snapped up quickly by investors, first time buyers or those looking for a change of lifestyle or location.
“The way we do business has changed greatly over the past 12 months. We are now relying more on technology and we are embracing these changes for the better. We can keep our clients and staff safe by carrying out virtual viewings, valuations and consultations. We can market and sell our properties to a much greater audience,” he said.
Mr Browne said there were significant price increases last year, with Salthill, the Claddagh and the city centre attracting the most interest. He said the suburbs saw price increases of 3% to 5%.
“Most buyers are paying more in rent than they would in mortgage repayments and many are making the move to purchase. We sold 250 residential properties across the county last year, we also sold a large number of new builds and with most sold out, I fear a further shortage will come and prices of the secondhand property will continue to increase.
“There were some new home schemes available. These are now mostly sold. There are far fewer developments due to launch in 2021 and little, if any, development land for sale,” he said.
For more, read this week’s Galway Cityt Tribune.
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