Business
Asking prices for 3-bed semis in Galway are up almost 25%
The average asking price of a three-bed semi-detached house in Galway has increased by almost one-quarter since the beginning of the year.
At the moment, the average asking price stands at €220,000 – that’s an increase of more than 22% since the beginning of the year, and 10% over the past three months alone.
According to the Real Estate Alliance ‘Average House Index’ has found, there is strong interest in good quality homes – mostly from cash buyers – but mortgage-buyers are on the increase.
The Real Estate Alliance Average house index concentrates on Ireland’s typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.
The average price of a three-bed semi is now €179,981 nationally including Dublin, an increase of €26,925 (17.6%) on the December 2013 of €153,056.
Philip Farrell, Chief Executive of REA said: “Prices are continuing to rise apace in Dublin, but our agents are reporting that the panic buying seems have gone out of the market, with less people at viewings and houses taking a week longer on average to sell.
“The three-tier market that REA surveys have identified is still continuing, with the commuter areas outside Dublin, and larger urban areas such as Galway and Cork growing at twice the rate in the first nine months (21.9%) than the rest of the country at 11.5%,” said Mr Farrell.
According to the survey, there has been a sharp rise in the amount of private homes for sale nationally, with the percentage of distressed properties on the market dropping for the first time in the life of the survey.
There is evidence that the banks are financing house buyers to a greater extent with the amount of cash transactions dropping from an average of 66% in December 2013 to 50% in September 2014.
“We are also seeing investors being influenced by the end of December deadline for obtaining Capital Gains Tax relief over the next seven years.
“We also feel that the recent proposals on mortgage finance announced by the Central Bank could have a direct impact on the market from January 2015,” said Mr Farrell.
Connacht Tribune
Former GTC rebrands with aim of helping Irish companies across the region to grow internationally
Galway Technology Centre last week unveiled its a major rebrand and shift in direction, with the launch of its new vision and regional remit as Platform94 – with the lofty ambition of helping to create 505 direct and 323 indirect jobs over the next five years.
It is estimated that this will bring a Gross Added Value (GVA) of over €62.4 million to the regional economy, annually.
In addition, across the next 15 years – through connecting expanding technology companies globally – the organisation plans to generate 1,535 direct forms of employment and 982 indirect roles, resulting in an estimated GVA impact of over €190 million.
Unveiled at a ceremony in the Connacht Hotel last Wednesday, Platform94 will achieve this by moving beyond a physical location in Galway, supporting businesses across the West and delivering scaling expertise for firms in Mayo, Roscommon – and Galway.
The largest and longest established social enterprise centre for the technology sector in the West, GTC was founded in 1994 to meet the needs of an emerging cluster of ICT companies outside the capital.
Platform94 will build on this legacy, empowering Irish businesses to scale globally whilst creating employment opportunities regionally, nationally and internationally.
Platform94 is owned by Galway Chamber and WestBIC and supported by Enterprise Ireland, and at its launch, it set out the platform and conditions for regional collaboration and robust growth across the West.
For more, read this week’s Connacht Tribune.
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University of Galway IdeasLab is celebrating after striking gold for their Start100 Programme – and now it’s back better and bigger than ever for a second year of operations.
The programme took top prize in the Entrepreneurship at Universities category at the University Industry Innovation Network (UIIN) Conference held earlier this month in Budapest.
IdeasLab’s Start100 Program which supports entrepreneurial students to take their idea to impact in 100 days was acknowledged for its great emphasis on peer-to-peer learning and support and showcases stories from across the entrepreneurial spectrum to create relatable and achievable role models.
Based at the University of Galway campus, IdeasLab are back with their six-week student incubator programme, Start100.
Now in its second year, this year there are twelve teams who are embarking on an entrepreneurial journey with the aim of taking their innovative idea to the next step.
“Within a year, Start100 has been embraced by our entire ecosystem and the support we are receiving from mentors, judges and our community is a testament to the importance of nurturing innovation and entrepreneurship in Universities,” said Dr Natalie Walsh, Director of Entrepreneurial Development, University of Galway.
“This year we have increased our number of projects to twelve, based on the huge demand for Start100 from our incredible students.
For more, read this week’s Connacht Tribune.
Connacht Tribune Digital Edition App
Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.
Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
Or purchase the Digital Edition for PC, Mac or Laptop from Pagesuite HERE.
Get the Connacht Tribune Live app
The Connacht Tribune Live app is the home of everything that is happening in Galway City and county. It’s completely FREE and features all the latest news, sport and information on what’s on in your area. Click HERE to download it for iPhone and iPad from Apple’s App Store, or HERE to get the Android Version from Google Play.
The new President of Local Ireland, the association representing local news publishers around the country, is Head of Irish Times Regionals Dan Linehan.
Mr Linehan takes over the presidency from Declan McGuire of the Connacht Tribune. His appointment was confirmed at the recent Annual General Meeting of Local Ireland at Bloomfield House Hotel near Mullingar, Westmeath.
Mr Linehan, who has served as Vice President of the organisation for the last two years, said: “The coming years are a very important time for local publishers with many important issues to be addressed, including the implementation of the Future of Media Commission recommendations, defamation reform, the role and support for local publishers in public service reporting and helping publishers develop commercial digital offerings.”
Speaking at the AGM, Mr McGuire acknowledged the work done by the Executive in the past two years under the direction of Executive Director, Bob Hughes, on several projects related to the publishing industry but most especially the successful conclusion of the long-running campaign for the abolition of VAT on newspapers.
He also wished Mr Linehan the very best in his new role as President of the association for the next two years.
Mr Hughes thanked Mr McGuire for his leadership and support during his term of office and said he looked forward to working with Mr Linehan on the key policy priorities for the association, including Government supports, Government advertising, fair remuneration for content from the tech platforms and the reform of the legislation for defamation.
Local Ireland members also elected Seán Mahon, Managing Director of the Southern Star, as Vice President for the next two years.
Recent published book again draws attention to an old debate about the precise boundaries of Connemara
Roscommon/Galway TD Denis Naughten calls for action to improve treatment for rare diseases
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Penn Engineering lodges plans for expansion of Mervue plant
One of Galway oldest residents celebrates 104th birthday
East Galway farm sells for €1.3 million
Burkes return home to revel in their local roots
Man prosecuted for building house instead of agricultural storage unit
Official opening of Galway’s new pedestrian and cycle bridge
OPW Minister to meet Council engineers on ‘flawed’ motorway design
