Property market moves back to boom times

Biggest sale...the Crescent.

The sales boom is continuing in Galway’s residential property market, with more than €490 million worth of homes sold over the past twelve months.

The combined value of sales in 2017 was up by almost one-fifth on the previous year, while there was also an increase of more than 7.5% in the number of transactions.

An analysis of official figures from the State’s Property Price Register by the Connacht Tribune shows that up until December 4 (the most up-to-date figures available), there were a total of 2,362 property transactions in Galway City and county.

For comparison, in 2010 when the Price Register came into effect, there were 870 transactions, with a combined value of €189.5m – that means that in seven years, the number of transactions has almost trebled (171%), while the value of sales has jumped by 158%.

Up until Week 49 of 2017, the total combined value of residential property sales was €490,183,591, up just over 18% from the €414,063,112 recorded in the exact same 49-week period for 2016, when there were 2,196 transactions.

The biggest property sale of the year was a five-bed Victorian residence at The Crescent in Galway City, which also has a separate 2/3-bed mews to the rear – it sold for a whopping €2.15 million.

The house, which was built around 1850, has a unique curved façade and spans 3,250 square feet over two storeys and a half-basement, while the mews is 780 sq ft.

The next major sale was a palatial seven-bed property at Barna Gardens, which extends to a massive 7,534 sq ft on one acre within walled gardens, which sold for €2m (the asking price was €2.3m).

As well as an indoor swimming pool and sunken jacuzzi, there are also outdoor stables and stepped terraces.

See full story in this week’s Connacht Tribune, on sale in shops this and every Thursday morning.