€415 million worth of homes sold in Galway over past year

Sales are continuing to boom in Galway’s residential property market, with almost €415 million worth of homes sold over the past twelve months.

In fact, the total value of transactions in the local property market has more than doubled since 2010. And the volume of actual sales has rocketed by more than 150% during the same period.

An analysis of official figures from the State’s Property Price Register by the Connacht Tribune shows that up until December 4 – the most up-to-date figures available – there were a total of 2,196 residential properties sold in Galway.

That is up 152% on the same 49-week period for 2010, when there were 870 transactions, although it is down around 7% on the 2,370 recorded in the same period in 2015.

In 2016, there were sales totalling just over €414m – up around 3% from the €402.5m recorded for the same period last year.

It’s also up a whopping 120% from the €189.5 million recorded up to the first week of December in 2010.

The biggest single property transaction of the year was ‘Meall an Iolra’ on Salthill’s Revagh Road, a tree-lined road behind Leisureland and just a one-minute walk to the Promenade and the Pearse Stadium

The four-bed detached house was built in the 1960s and is set on a 0.3-acre site. It had an asking price of €870,000 and sold for €857,500.

The next major sale included 7 Ely Place on Sea Road (adjacent to Coláiste Iognáid, the ‘Jes’), an eight-bed house with a large annex formerly used as servants’ quarters.  The three-storey end-of-terrace Victorian house was on the market for €850,000 and sold for €810,000.

The Property Price Register figures show that since 2010, the volume of sales being recorded in Galway – and their total value – decreased, before embarking on a significant upward trend.

In 2010, there were 870 sales registered in Galway up to December 4 – the date used here for all comparisons – with a total value of more than €189.5m.

The comparative figures the following year were down slightly; the volume of sales was 853 (down 2%), while the value was €164m (down 13%).

The sales figures for residential properties in Galway.

In 2012, the value of sales was down more than 4% to €156,395,596, despite a 14.7% increase in volume to 979.

There was a subsequent massive jump in total values and volumes the following year – up 37% to 1,344 and up 30% to €203.5m.

Between 2013 and 2014, the volume of sales was up almost 46% from 1,344 to 1,960, while the total value was up 52% to almost €310m.

In 2015, there were 2,370 transactions with a total value of just under €402.6m.