Asking prices for homes in Galway City have doubled since 2013

From this week’s Galway City Tribune – Asking prices for houses in Galway City have doubled since the bottom of the market in 2013 – now standing at an average of more than €317,000.

And new research shows that over the past twelve months, asking prices in the city have increased by 8.6%, while there has been a 6.3% increase in the county.

According to the latest report from property website Daft.ie, the average asking price in the city is now 97.5% higher than it was at its lowest point, which was recorded in mid-2013.

For the county, where the average asking price is now around €209,000, the increase since the market trough is 65%.

The national average asking price is €269,500 – up 7.4% over the past year.

Economist Ronan Lyons of Trinity College said the housing market has been hit by the Covid-19 upheaval, resulting in “unprecedented scarcity” of homes for sale.

He explained that nationally, there were 49,000 homes advertised for sale in 2020 – the lowest total in more than five years.

“Combined with the fall in the construction of new homes, this reduction in the volume of homes coming on to the market has translated into unprecedented scarcity of homes for sale,” he said.
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