Galway shows signs of property boom

The property market in Galway is showing all the signs of another boom – with residential sales up almost 55% in the first three months of this year, compared to the same period in 2013.

The official Government statistics from the Property Price Register show that 329 sales were ‘closed’ in the first quarter of this year. That is up from 213 (54.5%) during the same quarter last year.

And unless construction activity gets underway again, a shortage of quality homes is set to continue driving prices up in sought-after areas.

The Housing Agency has already identified a need for a minimum of more than 3,500 new homes to be built in the city and county by 2018.

According to the latest figures from the Property Price Register, Galway had the third highest level of sales recorded in Ireland between January and April this year – Dublin was the busiest market with 1,981, followed by Cork at 689 homes.

One county-based auctioneer told the Connacht Tribune: “The figures speak for themselves – the volume of sales is up by more than half in the first three months of the year.

“Needless to say, the city will account for a large portion of the sales, but places like Ballinasloe, Gort, Clifden, Oranmore and Tuam are also experiencing a rise in sales,” he said.

See full story in this week’s Connacht Tribune.