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

Enda Cunningham

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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

Pandemic sees surge in digital

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David Curtin...digital upsurge.

The pandemic – and the need to switch business to the net – saw a massive 37% rise in new .ie domains registered in Galway over the last twelve months.

In total, 2,927 local businesses, services, and community groups mobilised online in response to pandemic, according to the latest .IE Domain Profile Report.

And that reflected the national picture which saw 65,113 new .ie domains registered in total in 2020 – the highest ever figure – with registrations peaking in May, six weeks after Government ordered non-essential retail to close.

There were 5,705 new .ie domain registrations in Connacht alone in 2020, a 38% increase on 2019. Indeed every county on the island recorded an increase in registrations. .IE is the national registry for .ie domain names.

David Curtin, Chief Executive of .IE, Ireland’s national registry for .ie domains said there had been a ‘mass mobilisation of digital in every part of the economy and society’ in response to the challenges of the Covid-19 pandemic.

“It suggests that businesses and public services, regardless of county or whether they are in a city or a small town, were able to quickly and easily set up an online presence and meet local demand in response to the Covid-19 pandemic. This is evident in Galway and across the entire province of Connacht,” he said.

“Businesses migrated online, many for the first time, in direct response to the lockdowns,” he said. “They realised that having an online presence, and in many cases e-commerce capabilities, would at the very least minimise the damage of reduced or non-existent footfall.

For more, read this week’s Connacht Tribune.

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Western Development Commission invests €2m in Galway based Atlantic Therapeutics

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Manager at WDC at the recent announced of the WDC’s €2m investment.

The Western Development Commission has recently invested €2million in Atlantic Therapeutics, the Galway-based company pioneering a non-invasive, wearable treatment for urinary incontinence – a condition that impacts on one in three women worldwide.

It’s the largest single investment the WDC Investment Fund has made to date and is complemented by returning investors Seroba Life Sciences, Earlybird, LSP, Andera Partners and Atlantic Bridge, who continue their ongoing support for Atlantic Therapeutics with a substantial undisclosed investment.

The financing will support the expansion of the company’s commercialization activities in the core US and UK markets for its INNOVO technology to treat urinary incontinence. Also known as bladder weakness, urinary incontinence is a stigmatised condition that impacts one in three women worldwide, having a profoundly negative impact on quality and enjoyment of life.

Atlantic Therapeutics has established the INNOVO brand as the leading innovation in non-invasive, wearable neuromuscular electrical stimulation. The device acts to strengthen the pelvic floor and thereby treat the underlying cause of bladder weakness.

The technology has offered hope to millions of women worldwide whose only option to deal with bladder leaks has to been to use feminine hygiene pads.

The Western Development Commission’s €75m Investment Fund is an Evergreen investment fund, providing seed and venture capital and loan finance to SMEs, micro-enterprises, social enterprises and community projects across the Western Region.

To date, it has invested in more than 200 enterprises supporting over 5,000 jobs and leveraging over a quarter of a billion investment for western enterprises.

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

Food for thought at hotel careers fair!

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Jacinta Dalton and Diarmuid Ó Conghaile, Galway International Hotel School Heads of Department, at last year’s onsite Careers Fair.

Over 45 tourism and hospitality employers outlined a range of options across the sector at home and abroad for the legion of interested students who attended the Virtual GMIT International Hotel School Careers Fair last week.

Those options included work placements, summer jobs – as well as further graduate employment opportunities to GMIT students and alumni.

Among the students involved was Ciara Heneghan, who is in her 4th year of the BA in International Hotel Management.

“This year more than ever the Galway International Hotel School’s Careers Fair provided a great opportunity to all current students and alumni to meet and engage with many employers – albeit virtually,” she said.

“Personally, I have benefitted greatly from this careers fair in the past and secured wonderful work placement opportunities. We have grown accustomed to engaging online over the last year and this year’s virtual Career’s Fair presented all options once again.”

Diarmuid Ó Conghaile, Head of Department for Tourism & Heritage, said that the annual Careers Fair had gone from strength to strength.

“Its success is driven by our Links Office, who coordinate with our industry partners at home and aboard to offer both accredited placement and graduate opportunities to our students,” he 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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