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CITY TRIBUNE

Property boom in Galway saw €573m in sales last year

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The sales boom is continuing in Galway’s residential property market, with almost €573 million worth of homes sold in 2018.

The combined value of sales last year was up by just over 6% on 2017 and is the highest figure since official records began in 2010.

An analysis of official figures from the State’s Property Price Register by the Galway City Tribune shows that up until December 14 (the most up-to-date figures available), there were a total of 2,363 property transactions in Galway City and county.

For comparison, in 2010 when the Price Register came into effect, there were 896 transactions, with a combined value of €200m – that means that in eight years, the number of transactions has increased by almost 164%, while the value of sales almost trebled (up 185%).

Up until Week 50 of 2018, the total combined value of residential property sales was €573,022,905, up 6.3% from the €538,901,624 recorded in the exact same 50-week period for 2017, when there were 2,604 transactions.

There was a decrease in the volume of sales of just over 9%, the figures show.

A ‘health warning’ comes with the figures in that the Property Price Register is compiled from data which is filed, for Stamp Duty purposes, with the Revenue Commissioners, and there can be delays before a transaction appears on the register.

The biggest property sale of the year was a bungalow on a half-acre site in Salthill (opposite the former Warwick Hotel), which sold for €1.8m in March. The guide price was €1m.

Planning permission has since been sought on that site for the development of 39 apartments in two blocks.

The next major sale was a palatial four-bed detached house (with fully converted attic) at Barna Gardens in Barna, set on one acre of landscaped gardens, which sold for €1.575m.

As well as 4,200 square feet of accommodation, there is an additional 1,300 sq ft in attic space. It boasts high ceilings, travertine tiled floors, and a master bedroom which spans the full depth of the house – and has been likened to that of a five-star hotel, with double jacuzzi bath among the man luxury features.

A city centre townhouse at 17 New Dock Street, which dates back to the 1900s and has development potential due to a 0.05 ‘L’-shaped site, sold in June for €1.5m, having gone to auction with a €700,000 price tag.

At Forramoyle East, Barna, a stylish six-bed house with its own cinema and internal glass hallway overlooking the private decking and garden, went on the market with a €1.6m price tag and sold for €1.375m.

Cluain Mhuire, a period property on Taylor’s Hill in Galway, sold at auction at the end of 2017, but the €1.4m sale was recorded in 2018. Built in 1913 and designed to facilitate Church of Ireland pastoral activities, it went to auction with a guide price of €1.35m.

On Taylor’s Hill, St Helen’s, which sits on a one-acre site and was built in the 1840s by the brother of Lady Gregory, went on the market with a guide price of €1.5m and sold for €1.311m.

Also on Taylor’s Hill, Averarde, a five-bed detached property which extends to 3,000 square feet, sold for €1.25m.

In total, there were 16 sales which exceeded the €1m mark – three of which were multi-unit residential sales.

The multi-unit sales included just under €34.8m for the Cúirt na Coiribe student accommodation complex on the Headford Road in Galway, which was purchased by Exeter Property Group, a US-based property fund.

Seventeen apartments on the upper floors at Citypoint on Prospect Hill – the development which houses TK Maxx – sold for a total of €5.112m.

The cheapest property sale recorded in Galway in 2018 was a derelict bungalow at Gortaha, Portumna on 0.2 of an acre, which sold for €7,000.

The Property Price Register figures show that since 2010, the volume of sales being recorded in Galway – and their total value – decreased, before embarking on a significant upward trend.

In 2010, there were 948 sales registered in Galway up to December 14 – the date used in this analysis for all comparisons – with a total value of almost €211.7m.

The comparative figures the following year were varied; the volume of sales was 853 (up less than 1%), while the value was €186m (down 11.7%).

In 2012, the value of sales was up around 4% to €194.3m and there was a 22.5% increase in the volume of sales from 956 to 1,171.

There was a subsequent massive jump in total values and volumes the following year – up 35% to 1,585 and up 27% to €248m.

Between 2013 and 2014, the volume of sales was up 53% from 1,585 to 2,425, while the total value was up 52% to almost €377.4m.

In 2015, there were 2,828 transactions with a total value of just under €477m, while in 2016, there were 2,604 transactions with a total value of €538.9m.

Looking at sales during the entirety of 2010 to 2017 and up to December 14, 2018, more than €3.34 billion worth of residential property sales have been recorded.

CITY TRIBUNE

Former hotel won’t be ring-fenced for college

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No designation....Corrib Great Southern during demolition.

The site of the former Corrib Great Southern will no longer be ring-fenced for educational purposes if a clause removed in a draft of the next development plan is eventually adopted.

A motion by Mayor Colette Connolly proposed earmarking one-third of the six-acre Dublin Road site for educational use as well as research or collaborative ventures between third level colleges and industry.

Mayor Connolly said her proposal reinstates the text of the current plan reserving a portion of any planned development for education.

Galway Mayo Institute of Technology (GMIT) was supportive of the motion, the Independent councillor she told a planning meeting convened to collate a draft of the plan.

Councillor Declan McDonell (Ind) said GMIT had recently purchased the home of the Galwegians Rugby Club at Glenina for €9 million and were progressing developments at the Cluain Mhuire site and a proposed Centre of Excellence for Health, Sport, and Marine Science at Murrough.

The former hotel had been offered to GMIT for €3.75m by NAMA (National Asset Management Agency) but they had to pass because they could not come up with the money.

“So I fail to see how they could come up with the money to buy two acres for educational purposes – therefore we could be left with a derelict site for years,” he warned.

Cllr Noel Larkin (Ind) told the meeting he was in favour of an expanding GMIT but agreed the site which only recently saw the demolition of a major eyesore could be left derelict for another decade if developers were hamstrung by what could be built.

For more, read this week’s Connacht Tribune.

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Download the Connacht Tribune Digital Edition App to access to Galway’s best-selling newspaper.

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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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CITY TRIBUNE

Conamara siblings take to stage for TradFest

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Séamus and Caoimhe Uí Fhlatharta, who will perform in Collins Barracks next Thursday.

The musical talent of Conamara siblings Caoimhe and Séamus Uí Fhlatharta from An Áird Mhóir, will be on show at this year’s Temple Bar TradFest, which runs from January 26-230 in venues across Dublin. They will be performing at Collins Barracks at 1pm next Thursday, January 26.

Séamus and Caoimhe, who have won multiple All-Ireland titles for their music, are well-known among fans of traditional music as brilliant multi-instrumentalists, singers and dancers, whose vocal arrangements and harmonies bring new life to well-known and less familiar songs. Their performance on last week’s Late Late Show as part of a musical tribute to murdered Offaly woman, Ashling Murphy, was widely praised.

TradFest is one of the first largescale events to host live audiences again, something that performers and fans alike hope will continue.

Other participants include actor Stephen Rea, hosting a night of poetry and music with Natalya O’Flaherty, Sasha Terfous, Louise and Michelle Mulcahy and Neill Martin; Fairport Convention; Peggy Seeger, Aoife Scott and Wallis Bird; Maria Doyle Kennedy; Boxing Banjo; Dervish, Altan and 4 Men and a Dog; Séamus Begley, Oisín Mac Diarmada and Samantha Harvey; Martin and Eliza Carthy; The Lost Brothers; Maria Doyle Kennedy; Joe and Steve Wall; Cór Cúil Aodha and Seán Ó Sé; Karan Casey; Niamh Ní Charra; Brídín; Laoise Kelly; Brenda Castles, Caoimhín Ó Raghallaigh; Tim Edey, Eoghan Ó Ceannabháin and Ultan O’Brien.

Tickets and more information at tradfesttemplebar.com.

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CITY TRIBUNE

NUIG Mystics sticking to their routine ahead of Cup decider

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Alison Blaney of NUIG Mystics in action against Sophie Moore of Limerick Sport Huskies during the Women’s Division 1 National Cup semi-final. The Galway club face Templeogue in Sunday's final.

NUIG Mystics head coach Paul O’Brien says his squad are treating this week like any other as they prepare to head to the National Basketball Arena in Tallaght on Sunday to take on Templeogue in the Women’s Division One Cup final (1.30pm).

Mystics go into the game as favourites, having lowered the Templeogue flag on the Dublin side’s home court in the league with a 76-60 win back at the end of November, though O’Brien insists that game will have little bearing on Sunday’s contest.

“That was a couple of months ago, they are a much better side now, defensively they are far stronger now then they were for that game, so we are going to have to shoot the ball well, certainly better than we did in the semi-final,” he says.

That semi-final saw Mystics overcome Limerick Sport Huskies 70-54, and they go into Sunday’s final in great form, having trimmed Tipperary Knights 92-65 at the NUIG Sports Complex on Saturday, their eighth win on the bounce since their one and only defeat of the season, a 77-74 loss to Ulster University Elks back in November.

“That was a very good game at the weekend and the final scoreline doesn’t do justice to Tipperary. They were right in it until about half way through the third quarter, they were leading in fact, but we just pulled it out with a big final quarter,” he said.

Templeogue are also on a decent run of form, having won four games on the spin, their last defeat being that reversal to Mystics, and O’Brien says that the Dublin side will be boosted by having something of a home court advantage, given the fact the NBA is just a 20-minute drive from their home court.

However, Mystics have plenty of players used to playing high-pressure games, and the national arena won’t hold any surprises for a side packed with players who have worn the green of Ireland at the venue, and have contested schools’ and club finals there.

“We have a great team spirit, there is no ego in the squad, players don’t mind who gets the scores as long as the team wins, and that has been crucial to our season so far. We are treating this week the same as any other, we’ll train Tuesday, Thursday and Friday, and we’ll get the bus up on Sunday morning and hopefully we will play to our ability,” 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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