Property sales in city show a dramatic rise

The rate of property sales in Galway City is continuing to accelerate – with residential sales up 36% in the first six months of this year, compared to the same period in 2013. Sales have shot up in areas like Ballybrit, Wellpark, Roscam, Oranmore and Renmore. That is almost on a par with the national average increase in sales of 39%. The official figures from the Government’s Property Price Register – published in a report this week by the MyHome.ie website – show that in the first six months of the year, 206 homes were sold in Galway City. That figure is up 36% on the 151 sales in the city in the same period last year. The city was also the most popular area to buy a home in Galway in 2013, with 384 sales throughout the year. In the city and county as a whole, there were 851 homes sold in the first half of 2014 (with a value of €128.4 million), up just over 46% on the 582 sold during the same period last year. Angela Keegan, Managing Director of MyHome.ie – which analysed the data from the Price Register – described the increases as “positive news”. “After some very challenging years the market is growing again and we need it to keep on growing if we are to return to a normally functioning market. Sales are closely linked to employment opportunities and that is why we see more sales in our cities and the commuter belts. “While we still have some way to go and the shortage of stock in some urban areas is a real concern – it’s clear confidence is returning to the market,” she said.