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Rent prices in Galway City increased by more than 10% in the last year

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Report author, Ronan Lyons.

Average rental prices in Galway City for the second quarter of this year has risen by 10% compared to the same three-month period last year, according to Daft.ie.

The latest quarterly rental report by the property website shows that the average rent in Galway City was now €818 for the three month period from April to June, up 10.1% compared to last year, the second biggest rise in Ireland’s five main cities. In the rest of Galway, rents were on average 8.7% higher in the second quarter of 2015 than a year previously. The average advertised rent is now €590, up 16% from their lowest point in 2013.

Only Cork showed a bigger percentage increase, with rental prices for Q2 standing at €889, a rise of 10.4% on the same period last year. Dublin, Limerick and Waterford all recorded increases as well, with the average rent in Dublin standing at €1,368 (up 8.5%); Limerick came in at €718 (up 8.9%) and Waterford at €629 (up 8.2%).

In Connacht, rents rose by an average of 6.5% in the year to June 2015, compared to stable rents a year previously. In Galway City, rents have risen by 10.1% in the last year and the average rent is now €818.

Year-on-year inflation in rents eased back slightly between March and June but remains high at 8.6% nationwide. The national average rent between April and June was €934, compared to €860 a year previously. Inflation in rents peaked in late 2014, at 10.7%.

As in recent months, the slight slow-down in rental inflation nationally is being driven by trends in Dublin, where rent inflation has eased from 15% to 8.5% in the last 12 months. This means that, for the first time in this market cycle, rental inflation outside Dublin – at 8.7% – is greater than in Dublin.

The stock available to rent remains extraordinarily tight. Just 4,600 properties were available to rent nationwide on August 1st, 2015, compared to 6,800 on the same day a year previously. By comparison, on August 1st 2009, there were over 23,000 properties available to rent nationwide. Supply in the Dublin market has now been tight for nearly three years, with fewer than 2,000 properties on the market on average since late 2012.

“As students prepare for entering higher education, or returning from their summer break, they will find conditions every bit as tight as a year ago in Dublin – and in some places in the country even tighter,” said Ronan Lyons, an economist at TCD and author of the Daft.ie report.

“This reflects a continuing lack of construction at a time when the population is growing. In addition to addressing high construction costs, which are impeding all forms of supply, policymakers also need to examine whether accommodation specifically designed for students suffers from additional barriers to supply.”

The full report is available from www.daft.ie/report.

 

Connacht Tribune

Well located three-bed with west-facing garden

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Bangla House at No 61 Drom Chaoin

Bangla House at No 61 Drom Chaoin off Bishop O’Donnell Road in Galway is a three-bed semi-detached home.

Enjoying a west-facing garden and ideally located close to all essential amenities, this 943 square foot property is owner occupied and has been well maintained.

The accommodation comprises an entrance hall with storage in the porch area, one downstairs bedroom, shower room, open plan living/dining room and kitchen.

On the first floor there are two additional bedrooms and the main bathroom with a large hot press on the landing.

This house is less than 2km from University Hospital Galway and NUIG, while Salthill is within easy striking distance. The Westside Shopping Centre and Gateway Shopping Park in Knocknacarra are all within 2km away.

The asking price is €245,000. The BER Rating is D2. For further information or to arrange a viewing, contact Sharon Egan at Sherry FitzGerald on 091 569123.

 

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Connacht Tribune

Unique property by the seaside

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In need of extensive refurbishment, but plenty of potential: this property in Carna will go under the hammer in an online auction next month.

DNG Martin O’Connor are handling the sale of this traditional two-storey farmhouse in an enviable seaside location at Callowfinish, Carna.

The property – with horse stables on a large site of 2.35 acres – is conveniently located a few minutes’ walk from two of Ireland’s best sandy beaches ‘An Trá Mór’, known locally as Callowfinish beach and a coral beach known as ‘An Trá Bíi’. From Callowfinish beach, Finish Island is also accessible by foot with tidal times.

It extends to 1,486 square foot and is in need of renovation, but offers excellent potential and provides the prospective purchaser with the opportunity to create their dream home in the heart of Connemara.

It would also make a delightful holiday home in this picturesque area where all the family needs can be catered for, with its holding of land and stables one can even bring the pony on holidays.

The accommodation consist of an entrance hallway, living room, dining/living area, kitchen to the rear, bathroom/utility, ground floor bedroom with toilet, four bedrooms upstairs enjoying beautiful hill and distant seaside views.

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

Online specialists get annual auction season underway

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An Pon da Rosa, Rossmore, Woodford

Property auction specialists IAM Sold are now taking entries for their upcoming online auctions, which are scheduled for September 16 and October 21.

Previous years have shown that September to November are particularly strong months for selling residential and commercial property and the auction team are keen to speak to property owners who are considering bringing their property to the market.

Sales Manager for Connacht, Shane May, said: “We are continuing to see a strong appetite for all varieties of property throughout the province.

“The lack of supply of good family homes as well as commercial/investment properties is putting upward pressure on property prices in most locations and in particular the urban areas of the province.

“September tends to be a very busy time in property sales, with buyers settling back after the summer months and they want to find a suitable property.

“We find this is an excellent time of year for sales of family homes and investment properties. There is still time to enter properties into our September auction and we encourage properties owners to make contact with the us to arrange for an initial valuation,” said Mr May.

He said that selling with IAM Sold is an attractive option for an vendor as the company do not charge any upfront costs to enter a property into their auctions and take on board all marketing and entry fees.

Among the properties coming under the hammer are:

An Pon da Rosa, Rossmore, Woodford.Offered at bids over €295,000 in partnership with Keary Auctioneers.

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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