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Shortage driving up prices

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BY TONY KAVANAGH

The past year has proven to be a turning point for the Galway housing market – after six years of falling prices, price inflation has re-emerged, most notably in Galway City.

The first nine months of 2013 saw the first period of positive annual price growth in the Galway housing market since 2006. Early indications suggest that the Galway City market has grown by more than 10% during 2013 [certain areas of high demand in the city]. The strength of price growth in Galway City is fuelled by a shortage of supply.

According to the latest figures from the Department of the Environment, 6,507 housing completions were recorded for the first ten months of 2013 in Ireland.

This represents a 5% decline when compared with the same period of 2012. Notably, Galway overall accounts for just 6.4% of the total; a historically low level of activity. 

With a dearth of new construction activity, the market is particularly focussed on the quantity of stock that is actually for sale. 

The perfect storm of negative equity, tracker mortgages and no bridging finance has negatively impacted the quantity of second hand properties available for sale in the country overall and notably so in Galway city.

As of July 2013, there were 3,173 residential units available for sale in Galway; but only 1.6% of the private stock in Galway City is available for sale. Such figures suggest an emergence of a supply pinch point, which could further impact price performance in the short term. 

An analysis of transaction activity reveals that the market remains largely dominated by owner occupiers; 61%. Furthermore, investors bought 25% of the properties transacted in the year-to-date. This represents a very significant uplift on previous years.

First-time buyers remain a relatively active cohort in the market, accounting for 11% of the properties traded in the eleven month period.

Cash is a driving force in the market with latest available figures revealing that approximately 54% of all residential transactions in the first nine months of the year were bought outright with cash alone.

For more, read this week’s Connacht Tribune

Connacht Tribune

Galway passengers are all smiles at Shannon!

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Shannon Airport
Shannon Airport

The smiles on the faces at Shannon Airport very much told its own story this week – with passengers taking to skies as the easing of restrictions and the first day of the European Digital COVID Certificates took effect.

And it wasn’t just the joy of travel starting to resume that lifted spirits at the airport but also the announcement by Ryanair of a new once-weekly service to Gran Canaria (Las Palmas) to commence on August 7 – the third new service announcement for Shannon Airport over recent weeks.

There was a real sense of excitement as passengers of all ages became very much at ease with the heightened public safety measures in a ‘back-to-the-future’ day for the West of Ireland gateway airport.

There were reunions as inbound flights arrived but also a palpable degree of anticipation as others got set to depart on the earliest flight out of the airport today, the 7:10am flight to Gatwick.

Among those boarding was Clarenbridge native Claire Tomlin and her husband Jake, together with their three children, including their twins who turn a year old next week.

“It’s been amazing to get back. The kids saw their grandparents for the first time and their cousins and aunties and uncles, so it was fantastic,” said Claire.

“Shannon is just so convenient for us because it’s only about 40 minutes’ drive. So, it just makes everything a lot easier in terms of getting to and from places with little ones. So, yeah, Shannon is a great resource for us. Really, really good. We hope to be able to go back more and more.”

It was smiles all around for Shannon Airport staff as they got back to doing what they do best. “Well, today is a great day because you can see the atmosphere around the place, people are at ease here and they’re glad to be back, they’re glad to get up in the sky again,” said Shannon Duty Free Sales Associate Helen Quinlivan.

“It’s great to see the excitement. People are really looking forward to going back and seeing their loved ones and they’re very at ease.”

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Connacht Tribune

Skillnet reports record year

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Minister Simon Harris...welcomed report.

Skillnet Ireland has reported an 18% increase in supports to Irish businesses across 2020 – and an investment of €51 million in upskilling programmes for companies across the economy.

In its 2020 annual report, it also revealed that 6,846 Galway-based employees and 1,590 Galway-based companies participated in upskilling programmes over those twelve months.

That aligned with the national trends, despite the challenging year for businesses and the workforce, which saw 81,895 people participate in upskilling programmes through Skillnet Ireland – a 17% increase on the previous year.

It also reported an increase in the number of companies engaging with the organisation in 2020, up 18% on the previous year, at 21,695. 94% of the companies Skillnet Ireland supported in 2020 are SMEs.

Skillnet Ireland delivered 9,110 different programmes spanning industry and professional certified courses, management development programmes, specialised upskilling, new industry and academia collaborations, and many innovation and research-based projects in 2020.

Minister for Further and Higher Education, Research, Innovation and Science Simon Harris welcomed the report – and the record figures.

“Talent is at the heart of our national competitiveness. It has been instrumental in helping businesses navigate a challenging year and will be especially important in preparing businesses for future challenges such as climate change and digital transformation,” 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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Connacht Tribune

New website offers real-time information on local water supply

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Yvonne Harris, Head of Customer Operations at Irish Water.

Householders across the county can now avail of quick access to relevant information on their water supply, based on where they live – thanks to the rollout of a newly designed Irish Water website.

The changes will allow people in Galway to immediately see what works and projects are ongoing in their locality by setting their location at www.water.ie

Designed to work on a mobile phone or any other device, the state of the art website lets you set your location with updates and news relevant to your locality served upfront on the homepage.

It also enables Irish Water to deliver important public health messages and reassurance to the public that we are working every day to provide a clean and safe supply of drinking water for our customers while returning wastewater safely to the environment.

Head of Customer Operations with Irish Water, Yvonne Harris explains how this dynamic, new-look website will better serve customers: “We have upgraded our website so it is more user-friendly. We talked to our customers, we listened to their feedback and made changes to better improve the user experience for all.

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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