Business
Private rent levels are heading back towards Tiger ‘boom’ rates
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.
A Mayo woman who has worked with ALDI in her native county for the last sixteen years has been named as the manager of the chain’s new store in Ballyhaunis.
Charlene Kilgallon is based locally and lives in Claremorris with her family and little daughter Aoife – and she previously worked at ALDI stores in Claremorris, Castlebar, Ballinrobe and Ballina, as Store Assistant, Deputy Store Manager, Assistant Store Manager and Store Manager.
“Career progression is a great feature of life at ALDI. At our stores, and I’ve always been supported to progress my career,” she said.
Charlene finished by saying: ‘’My team and I look forward to serving the people of Ballyhaunis. Our new store on Main Street opens Thursday, 22nd June with the opening hours being – Monday-Friday: 9am–10pm and Saturday/Sunday: 9am–9pm.
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A group of 90 of Ireland’s top entrepreneurs – among them Galwegians Lorraine Heskin from Bearna and John Desmond from Ballinasloe – have returned from Singapore where they recently attended the annual EY Entrepreneur Of The Year CEO Retreat.
The delegation included this year’s 24 EY Entrepreneur Of The Year finalists, including Lorraine Heskin, Founder of The Gourmet Food Parlour which has locations in Galway, Meath and Dublin and John Desmond, Managing Director, Cygnum Timber Frame which is located in Macroom, as well as 70 alumni representing a broad spectrum of industries. The aim of this annual retreat is to support, inspire, and challenge entrepreneurs to take their businesses to the next level.
The entrepreneurs spent the week in Singapore where they participated in a comprehensive programme of networking, executive coaching, and education.
The itinerary included meetings with some of Singapore’s most successful entrepreneurs and business leaders as well as inspirational talks by global thought leaders on a variety of topics among them Jim Rowan, Volvo CEO and Eduardo Saverin co-founder Facebook.
“The EY Entrepreneur Of The Year CEO retreat far exceeded all expectations and I’m truly grateful for the opportunities and experiences gained by being a finalist for the EY Entrepreneur of The Year,” said Lorraine Heskin.
“Not only did we get to experience all that Singapore has to offer, but we got to hear from amazing speakers such as Facebook co-founder Eduardo Saverin and Jim Rowan Head of Volvo Worldwide.
“Meeting and getting to know my fellow finalists and the alumni of the programme was the true highlight.
For more, read this week’s Connacht Tribune.
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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.
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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