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Private rent levels are heading back towards Tiger ‘boom’ rates

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Economist Ronan Lyons

The chronic shortage of private accommodation available in the rental sector in Galway City is driving rents towards levels last seen at the height of the Celtic Tiger boom.

Figures from property website daft.ie show that rents are now averaging €875 per month in the city – that’s up 7.2% from a €816 average one year ago.Average rents here are now up 15% since their lowest point in 2011 – another 5% or 6% will see them return to levels last seen during the peak at the end of 2007.

Economist Ronan Lyons from daft.ie – who is also Assistant Professor of Economics at Trinity – says the chronic shortage of suitable properties is continuing to drive up rents in Galway.

“In many ways the lack of choice is more concerning than the high rental rates, although clearly the two phenomena are inextricably linked.

“Unlike the sales market, then, where rapidly rising prices have drawn out significant amounts of secondhand supply, rising rents have not seen any increase in listings. If anything, the opposite is the case. And the picture is even worse for building new homes,” said Mr Lyons.

The figures show that rents in Galway City for a one-bed property are averaging €605 per month; for a two-bed the figure is €813. For a three-bed, the figure is €979 per month; for a four-bed it is €1,143 and for a five-bed, rents are averaging €1,489.

For the sake of comparison, in December 2007 – the peak of high rents in Galway – the figures were: a one-bed for €689; a two-bed for €945; a three-bed for €1,047; a four-bed for €1,169 and a five-bed for €1,497.On a national basis, rents are up an average of 11% on twelve months ago – Dublin is up 14%; Cork up 8%; Limerick up 6% and Waterford up 5%.In County Galway, the average rent is now €592, up 7% (from €553) on a year ago.

Connacht Tribune

GMIT’s new Head of its Business School

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Dr George Onofrei, Head of the GMIT School of Business.

GMIT has announced the appointment of Dr George Onofrei as the new Head of its School of Business, commencing this month.

Prior to joining GMIT, Dr Onofrei was Senior Lecturer in Strategic Development in Letterkenny Institute of Technology.

He has over 15 years’ experience in academia as well as considerable industry practice within the automotive, food and retail sector. He brings experience and a proven track record of success in the development of new programmes at undergraduate and postgraduate level.

“I look forward to continuing the development of new programmes and creating new opportunities within the School of Business working with both staff and industry partners,” said Dr Onofrei.

He succeeds Professor Graham Heaslip who was appointed Head of the GMIT School of Engineering, following Gerard MacMichael’s retirement.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Corrib Oil’s national expansion

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Eugene Dalton...expansion.

Galway-headquartered Corrib Oil, one of Ireland’s leading service station and oil distribution providers has entered an agreement to acquire H2 Group.

While subject to approval by the competition regulator, this deal will see Corrib Oil acquire 13 high quality retail sites based across the south and east of Ireland, expanding the Corrib Retail footprint to 33 stores in total.

It means Corrib Oil will operate across 54 sites in 16 counties, employing over 1,000 people.

The new sites are located in Kerry; Kildare; Limerick; Tipperary; Dublin; Laois, Offaly and Cork.

Established in 1987, Corrib Oil employs 700 people across 14 counties in the West, Midlands and South.

The company, which was founded in Claremorris, is headquartered in Parkmore on the east side of Galway city. It operates two distinct divisions, Corrib Retail and Corrib Distribution.

Corrib Retail currently operates 20 convenience stores with forecourts; while Corrib Distribution, a leading distributor of heating oils and fuel, operates through 21 depots across 14 counties.

Having maintained a 22-year relationship with BWG Foods, all Corrib Retail convenience stores are branded as Spar, while all forecourts are branded Circle K or Texaco, with instore partners including Insomnia and Chopped.

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

New course helps make sense of Artificial Intelligence and its uses

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Managers in Galway companies who would like to learn how they could put artificial intelligence (AI) to work for their organisations are being encouraged to sign up for a new course.

It comes as research found that 50% of organisations around the world have adopted AI in at least one function, while 79% of organisations are also exploring or piloting AI projects.

Of those companies who have implemented AI, 63% report revenue increases in the relevant business units.

The new Artificial Intelligence for Managers postgraduate certificate is being offered by NUI Galway to those who wish to get a better understanding of AI and its implications for business and enterprises.

Participants do not need to have any coding skills; this non-technical programme will focus instead on the strategic use of AI and how businesses and management can approach the practical implementation of AI technologies within their company. Candidates will learn about the practicalities necessary for successful AI adoption including data and skills requirements, ethics and legal issues. As such the programme would suit those in management positions in sectors like telecommunications, manufacturing, pharmaceutical, biomedical, finance, marketing, automotive and more.

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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