January 2015
has proved a busy start to the new year,
with again, more people wishing to purchase properties than properties are
available. According to Yvonne Mullaney
of Executive Sales and Lettings, the quarter to the end of December 2014 had
seen the market at a virtual standstill, but things have started to move
again.
Galway is seeing strong growth in
the property market, with house prices rising by over 14 percent in the past
year. Owners are availing of this and are beginning to put their properties on
the market. There is an optimistic feel
in the air, despite the cold, wet weather we are experiencing here in the West
of Ireland. There is an expectation that
prices in Galway will increase by 15% in 2015, despite uncertainty caused by
proposed Central Bank restrictions on mortgage deposits.
According to the Irish Independent, outside
of Dublin, where values are much more affordable and therefore less likely to
be affected, house prices are expected to continue rising strongly through 2015
- by as much as 20pc.
Commuter counties to Dublin and the other
major cities are expecting a strong 2015 - with healthy demand and limited
supply being major factors, according to REA agents.
Demand in the three main cities outside
Dublin is expected to remain high due to a lack of supply, with prices in Cork
expected to rise by 10pc, Limerick by a stronger 12pc and Galway City by 15pc
thanks to a shortage of good quality homes for sale in the Western capital.
"Overall, we are now seeing a welcome
return to a normally functioning market where you are likely to see less
volatility and, thankfully, more predictability. As the market started to
rebound, some of the high percentage recoveries that we saw in 2014 were quite
misleading, due to the limited number of transactions involved, and the low
price base that we were coming off."
After Dublin, Cork city was the next market
to recover. It went from static prices to a rapid rise at the end of 2013. This
was spearheaded by an investor feeding-frenzy at the bottom, with apartments
snatched up.
Galway soon saw its prices begin to surge in
a similar fashion and Limerick was next. Cork and Galway are now both
experiencing similar issues to Dublin ie large demand and shortage of available
properties for sale.
We are seeing a huge surge of interest in
properties selling under €100,000, which are still being snapped up by first
time buyers wanting to get their feet on the ladder and by savvy investors who
see the value of the rental market in Galway City.
With
rents soaring out of control in Galway City and surrounding areas, buying has
become a more acceptable option for those who can afford it, rather than
relying on a precarious rental market to stabilise.
If you
would like to speak to someone about selling your property in 2015, please call
Yvonne Mullaney of Executive Sales and Letting in Galway City on 086 226 1018 for confidential advice and
assistance. Please see our website for details of what we can offer the prospective seller - click here www.propertiesgalway.com
