Friday, January 16, 2015

2015 - A New Year - A New Beginning

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

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