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Mixed news for homeowners and potential buyers as prices continue to rise

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7 Burrenview Heights in Knocknacarra, which sold for €520,000

House prices in Salthill – traditionally one of the most sought-after addresses in Galway – jumped by around one-fifth over the past year, new research has shown.

Despite a lack of building activity, local auctioneers O’Donnellan & Joyce are reporting a renewed confidence in the property market in the city, which is driving prices up.

And they estimate prices could rise by up to 8% over the coming year in Salthill.

And two-bed apartments in Knocknacarra – whose values tumbled during the property crash – have increased in price by a whopping 50%.

According to the Sunday Times Property Price Guide 2015, across the city, prices will increase by between 5-10%. The survey relied on figures provided by O’Donnellan & Joyce and Sherry Fitzgerald.

The average price of a new home in the city now stands at €280,000, while a secondhand four-bed semi in the suburbs sites at €250,000.

As a whole, prices in the city increased by around 10% during 2014.

There was a lot of activity in the city property market – particularly in the second half of the year – because of the December 31 deadline on the Capital Gains Tax exemption scheme. Any property purchased before that date and held for a period of seven years is exempt from CGT.

“The last quarter of the year saw investors looking to beat the deadline for CGT exemptions. Family homes were popular and rents were up,” the report reads.

Three-bed semis saw an increase in value of more than 13% over the past year, from €185,000 to €210,000, and are expected to increase a further 5% to €220,000 by 2016.

Four-bed semis rose 9% in price from €220,000 to €240,000, and are predicted to increase by another 4% to around €250,000.

Knocknacarra

The average price of a new home is €270,000 or €240 for a secondhand property – up 15% during 2014. Agents expect a further 5-10% increase in price during the coming year.

“Three- and four-bed semis and family homes were above the market average. There were signs of renewed activity as the year went on, but the vast majority of movement came from owner-occupiers who were encouraged to sell as prices rose, rather than developers building new homes,” the report reads.

During the past year, O’Malley Construction finished out the Leargán development on the Western Distributor Road, and Burkeway Homes announced the construction of more than 70 new homes on the Upper Ballymoneen Road in a €20 million project.

One-bed apartments increased in price by 25%, from €85,000 to €100,000 and are expected to remain static this year.

Two-bed apartments increased by 50% – from €100,000 to €150,000 – and are set to be valued at around €160,000 by 2016.

Two-bed townhouses – which became increasingly common in larger estates during the construction boom – have seen a 20% increase from €125,000 to €150,000 over the past year and are likely to hit €160,000 by 2016.

Secondhand four-bed semis are currently selling for around €240,000 (up from €220,000) and are likely to remain static this year.

Secondhand four-bed detached homes are up 10% to €330,000, and are likely to increase to €350,000 in the coming year, according to the report.

For more, read this week’s Galway City Tribune.

Connacht Tribune

Roadshow’s nationwide brainstorm

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The Creating Our Future Roadshow on its stopover in Galway city.

Galwegians were offered the chance to play a part in creating a better future for Ireland – by participating in a nationwide brainstorming session last week.

The Creating Our Future Roadshow is midway through its mission to visit every county in Ireland in a month – having started out on September 24 in Wicklow and running until October 26.

It’s a government-led national brainstorm that will involve the people of Ireland in a conversation on the role research can and should play in addressing opportunities, challenges and hopes for the future.

Creating Our Future, according to Minister Simon Harris, will ensure that the direction of research in Ireland is informed by the people it serves.

The organisers are asking people to submit their ideas about what researchers in Ireland should explore to create a better future through the dedicated online portal www.creatingourfuture.ie, which is open until November 30.

The Roadshow is also pulling up in towns across the country to encourage the public to engage in a conversation with researchers over a cup of coffee – and to submit an idea about an opportunity or challenge in their lives, community, Ireland or the world; or something they are curious or passionate about and would like researchers to explore.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Deputies outline blueprint for sustained regional recovery

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Pictured: Ministers Michael McGrath and Paschal Donohoe meet with members of the Regional Group of Independent TDs - including local Deputies Sean Canney, Noel Grealish and Denis Naughten.

A group of independent TDs has called on the Government to prioritise spending on rural Ireland – to regenerate regional towns and villages, increase supports to farmers and community initiatives, and the support local business.

The Regional Group of Independent TDs used their Pre-Budget Submission to highlight the ‘critical need to invest in our people to support the transition back to normality’.

The group – which includes local Deputies Sean Canney, Noel Grealish and Denis Naughten – met with budget ministers, Michael McGrath and Paschal Donohoe where members outlined five key points they want to see addressed in next week’s budget.

They are seeking support for the regeneration of towns and villages, housing, green villages, remote working and transport links; investment to help home-grown SMEs through recovery and renewal – and a complete review of tax credits and social welfare systems to ensure working is always financially better.

They also want to see investment in health and community initiatives, and in services within communities, on top of repurposing existing infrastructure – and increased supports for farmers, to aid intergenerational transfers and the agri-food sector.

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

SMEs hit by cyber attacks

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As many as three out of five small and medium businesses have reported at least one cyber attack during the previous year, while 43% of all data breaches involve small and medium sized businesses. But despite this, the majority of small and medium businesses believe they are too small for a cyber attack – and almost half have no understanding of how to protect themselves against an attack of this nature.

That’s why local SMEs are being encourage to sign up for a free seminar which will help prepare them against cyber attacks.

Leading cybersecurity expert, Andrea Manning, who is CEO and Co-Founder of Irish company CyberPie, will be speaking as part of the free Cyber Security Summit organised by itag (Innovation Technology AtlanTec Gateway) and Cyber Ireland.

The virtual event will be delivered next Thursday, October 14, and is open to anyone who registers in advance.

Other parts of the seminar will be focused on cutting edge cyber security and related matters, covering topics such as cryptocurrency, digital forensics, cyberpsychology, zero trust and more.

Among the other high profile speakers participating will be Prof. Lisa Short who is Director and Co-Founder of P&L Digital Edge Limited, Nick Asvos of Palo Alto Networks, Prof. Greg Gogolin from Ferris State University in the US, Blessing Usoro of JP Morgan Chase & Co, Rebecca Springett of TitanHQ, Brian Honan of BH Consulting, Donna O’Shea of Munster Technological University and Derek Laffan of Dublin City University.

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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