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Cash buyers from overseas targetting Galway auctions

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An increasing number of cash buyers from overseas are targeting properties in Galway to purchase at auction.

Colm O’Donnellan of O’Donnellan & Joyce Auctioneers said there is “enormous interest” from cash buyers at the moment.

He said he believes the market has ‘bottomed out’ and said prices have even risen in some particularly sought-after areas which have a shortage of suitable family homes.

He told Tribune Property: “Currently there is enormous interest, particularly from cash clients at home and overseas who are looking to purchase properties in the Galway area and throughout the West of Ireland. 

“There is a general sense that the property market has reached the bottom and property is starting to move which our experience in the last six months of 2013. 

“So for the cash customers, there was the added incentive that if you require a property in 2014 and hold it for seven years there is no Capital Gains Tax. 

“This is a huge incentive for investors as there is no other asset that you can hold and sell it at a profit that is tax free. This incentive lined with little or no return on money in the bank is expected to create an avalanche of interest from investors in 2014 particularly from cash investors at home and overseas.

“In the last six months banks are at long last are starting to return to the market particularly for first-time buyers and home owners,” said Mr O’Donnellan. Last year, the agents recorded a 90% success rate at auction.

He said his decision to live stream auctions on the company website last year had proven a big success.

“For many people viewing, it gives them a great insight as to what is happening in the market and is watched with tremendous interest particularly by overseas buyers,” he said.

The next auction takes place on March 14.

Connacht Tribune

July spending steady but teenagers still splash out

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Jilly Clarkin...less shopping and more socialising.

Increased spending among teenagers was the only upward curve in July as overall debit and credit card spending fell marginally last month, according to Bank of Ireland.

Their analysis of debit and credit card spending in July recorded a one per cent total monthly fall, as a mixed picture emerged across business sectors.

While other age groups mainly decreased their July spending, teenagers are clearly enjoying their summer holidays with a major spending increase of 17 per cent for the month – a trend which was also reflected in June.

There was a two per cent uptick in social spending throughout July, whilst spending in pubs (+4%), restaurants (+3%) and in fast-food outlets (+1%) all recorded positive figures – having all posted negative spending stats in June.

The improved July weather also saw a spending hike in cinemas of just five per cent, a stark drop from June’s cinema spending rise of 25 per cent.

Overall spending in the retail sector was down three per cent in total, with outlay on clothing (-10%) and groceries (-1%) both dropping, but spending on petrol rose by five per cent as forecourt fuel prices levelled off somewhat nationwide.

Consumers were also evidently not keen to forego their sweet treats in July, with spending in bakeries also rising by five per cent.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Galway man spots gap in the market with his wood-fired pizza ovens

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Tuam's Pat Daly (right) chats to a customer about his wood fired ovens

The recent fine weather has certainly whetted the appetite for outdoor cooking – but one Tuam businessman has taken alfresco dining to a different level.

That saw Pat Daly inundated with inquiries at the annual Tullamore Show last weekend about his range of outdoor wood-fired ovens that are particularly suited to cooking pizzas but can also knock out some tasty meat dishes as well.

It is a significant departure for the long-established electrical retailer in Tuam – but it is one that he has put some considerable research into.

Last week Pat and his wife Eimear accepted a container load of the woodfire brick ovens of all sizes from Portugal where they are built and he has now established a showroom for the public to view at first hand.

While his main interest remains in Daly Electrical in Tuam, he believes that there is a growing passion for outdoor cooking in this country while the popularity of pizzas has skyrocketed.

“It’s an exciting challenge,” admits Pat Daly who said that he was surprised by the reaction that he received at the Tullamore Show.

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.

 

 

 

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Connacht Tribune

Former Manchester United star joins forces with Galway tech company

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New alliance...Rachel Kavanagh, CMO Clubforce; Garry Stannett, CEO Rio Ferdinand Foundation, and Noel Murray, CEO, Clubforce.

A Galway enterprise that started out as a pet project to establish a fundraising tool for Irish Diaspora to send money to their GAA clubs back home has now teamed up with an English football legend – to drive inclusivity in sport.

Clubforce, founded by Warren Healy in Carna back in 2009, has joined forced with the Rio Ferdinand Foundation, a youth and community development charity which works in the heart of the UK’s most disadvantaged communities.

The Rio Ferdinand Foundation was set up in 2012 by the former professional footballer, following issues of inequality he experienced in his own life.

It is now working in communities across Ireland and the UK, with regional hubs in Belfast, Manchester, and London – supporting more than 10,000 youths, helping them to realise their potential.

Foundation Founder, former Manchester United and England centre-half Rio Ferdinand, said he was ‘delighted to collaborate with a community-focused software company developing technology to promote sports participation and make sport accessible to all’.

“We are on the same journey,” he said.

Clubforce CMO Rachel Kavanagh said they had huge admiration for the work done by the Rio Ferdinand Foundation – particularly for girls.

“I’m especially excited to hear about programs such as GoGirl, building the confidence of young women and girls to achieve their potential. We’re looking forward to contributing to the efforts made by the Foundation to drive inclusion and sports participation across genders in both geographies,” she said.

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.

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