Property values set to jump by up to 15% this year

Estate agents expect property prices in Salthill to jump by anything up to 15% in the coming year, while the county is expected to see more modest growth of between 5% and 8%.

Huge demand for the seaside village, and a lack of supply saw prices increase by between 5% and 10% in 2017, and that is expected to drive inflation of 10% to 15% in 2018.

According to the Sunday Times Property Price Guide 2018, Galway City is expected to see price increases of 3% to 5% this year, while areas such as Knocknacarra and Newcastle/Dangan will increase by up to 8%.

Apartments in Salthill are in high demand, and there will be further upward pressure in the coming year as a result of a lack of supply, and developments would be “few and far between”.

The report predicts that increases in the secondhand market in Salthill will see five-bed detached homes increase by €20,000 to €750,000 this year (€700,000 in 2016); four-bed detached by €25,000 to €600,000 (€550,000 in 2016); two-bed apartments by €20,000 to €220,000 (€200,000 in 2016) and one-bed apartments up by €10,000 to €180,000 (€150,000 in 2016).

In Co Galway, the guide found that prices rose by as much as 10% last year and predicts increases of 5%-8% this year. It reports that starter homes in urban areas and good-quality one-off homes did particularly well.

Loughrea was singled out as an area of strong demand, due to its location off the motorway, and lower prices than the city and Oranmore.

In the county, a secondhand two-bed apartment is expected to rise in value by €5,000 to €105,000 this year (€90,000 in 2016); a secondhand three-bed semi is expected to increase from €132,000 to €142,000 (€120,000 in 2016) ; a secondhand four-bed in a town from €146,000 to €158,000 (€135,000 in 2016); a three-bed bungalow on a half-acre on the outskirts of town from €157,000 to €165,000 (€145,000 in 2016); a similar property more than 1.5km from a town from €151,000 to €160,000 €140,000 in 2016) and large country homes are expected to increase from €305,000 to €320,000 (€290,000 in 2016).

For more, read this week’s Connacht Tribune.