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Stats show two-tier market

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Asking prices for three-bed semi-detached homes in Galway City rose by almost 8% over the past year, while similar properties in the county dropped by 12%, according to a new report.

And the undersupply of housing in the city has been recorded as the “most pressing” concern for those in the market for a new home.

The figures from Daft.ie show that overall, asking prices (as opposed to eventual selling prices) are up 3% in Galway City, and are now averaging €170,000.

“In Galway City, prices in early 2014 were 3% higher than a year previously, compared to a fall of 11% seen a year ago. The average house price is now €165,000, 5% above its trough last year.

“In the rest of Galway, prices in early 2014 were 4% lower than a year previously, compared to a fall of 16% seen a year ago. The average house price is now €131,000, 59% below peak levels,” the report reads.

The report shows that the average asking price for a one-bed apartment in Galway City is €78,000 (up 5.6% over the last twelve months); a two-bed terraced house up 4.6% to €87,000; a three-bed semi is up 7.7% to an average of €140,000 and the asking price for a four-bed bungalow is up 11.7% to €242,000.

There was a drop in the asking prices for a five-bed detached house of 3.2%, to an average of €288,000.

In the county, average asking prices for one-bed apartments are down almost 18% to €46,000; a two-bed terraced house is down 8.5% to €53,000; a three-bed semi is €76,000 (down 12%); a four-bed bungalow is €159,000 (down 2.2%), while a five-bed detached house is asking an average of €176,000 (down 4.7%).

Ronan Lyons, economist with Daft.ie said that lack of restrictions on lending could fuel another bubble.

“Ultimately, expectations may be the spark, but credit is the fuel. Currently, the survey indicates that people are looking to buy a house worth about four times their income (4.5 times in Dublin). This is in line with prudential lending.

“But currently, no regulation exists in relation to lending standards. An obvious step for the Financial Regulator would be to introduce a minimum deposit (i.e. a maximum loan-to-value).

“Experiences from other countries suggest that this simple tool can work wonders in stemming demand that is fuelled by expectations about prices rising in the future.

“For the first time since 2007, the average asking price outside Dublin rose on a quarterly basis. This may the first indications that a better match is being found between demand – which will be boosted by the fall in unemployment, and supply, which has eased back considerably in the last two years,” said Mr Lyons.

 

Connacht Tribune

Galway’s housing stock on the rise

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A total of 1,147 residential buildings were under construction in Galway as of June – according to the latest GeoView Residential Buildings Report.

Over half of the residential buildings under construction in Ireland in June 2021 were located in the Leinster region (58.4%), revealed the report which is published by GeoDirectory and EY Economic Advisory.

The Greater Dublin Area of Dublin, Meath, Kildare and Wicklow accounted for 35.6% of the total number of buildings under construction in the country. In contrast, the lowest levels of construction activity were recorded in Ulster (6.5%) and Connacht (10.6%).

In all, 1,182 new residential addresses in Galway were added to GeoDirectory’s nationwide database in the twelve months to June 2021.

At 30.8%, the highest proportion of the new residential address points were again located in Dublin, followed by Cork (10.8%), Kildare (9.7%) and Meath (5.7%).

In percentage terms, Leitrim (219.6%), Carlow (146.5%) and Roscommon (144%) registered the highest year-on-year growth in new address points, albeit from a previously low base.

The report also found that 9.5% of all residential stock in the state are apartments. In total, there were 194,898 apartment address points across the country in June 2021.

For more, read this week’s Connacht Tribune.

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Connacht Tribune

Galway towns included in home support pilot

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Confirmation...Minister Anne Rabbitte.

Tuam, Athenry and Loughrea will form one of a select number of areas for a nationwide pilot scheme to see how to improve home support services for families in need of carers.

Minister for Disabilities and Galway East Deputy Anne Rabbitte confirmed that the Galway towns were among nine across the country to form part of a national Home Support Pilot Programme, which will commence next month.

The pilot scheme will deliver an additional 230,000 hours of Home Support services over a six-month period, with the evaluation of the outputs to continue over a twelve-month period from its commencement.

Minister Rabbitte described this as a major boost for Tuam, Athenry and Loughrea.

“This will deliver in-home supports across the three towns, which are in the heart of East Galway and I know from working with families across the constituency that this will be a major boost,” she 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

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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