Investors out in force chasing properties near NUIG and city centre

More than €5 million worth of property was sold at an all-day auction in Galway this week, which attracted strong interest among investors.

The auction itself generated just over €4m in sales, and several more properties – withdrawn after failing to reach their reserve prices – sold immediately afterwards following private negotiations with the highest bidders.

Auctioneer Colm O’Donnellan of O’Donnellan & Joyce said investors were out in force, chasing apartments and investment properties.

Around 400 people attended the auction, where almost 60 lots went under the hammer.

“Investors were out in force, seeking value for money in Galway city centre, with notable interest in properties close to NUI Galway and the heart of the city.

“Apartments and investment properties in urban centres achieving strongest interest,” he said.

Number 2 Lower Newcastle Road – opposite NUI Galway and close to University Hospital – a derelict four-bed detached house had an Advised Minimum Value of €295,000, and sold for €382,000.

The State’s Property Price Register records the same property as having been sold last December for €225,000.

At the Docks, a two-bed apartment at the Cé na Mara development had an AMV of €158,000, and was bid up to €200,000.

Number 25 Glenard Crescent in Salthill – a three-bed semi with converted attic space in need of extensive refurbishment – sold at its AMV of €350,000, attracting just two bids.

A three-bed terraced bungalow at 104 College Road overlooking Lough Atalia sold for €234,000 – well ahead of it’s €180,000 AMV.

A two-bed townhouse in Lower Salthill with an AMV of €100,000 sold for €178,000.

In the county, at Cluain Rí in Loughrea, three- and two-bed apartments sold for €88,000; €72,000 and €76,000 respectively.

In Moycullen, Homefarm, a seven-bed bungalow with an AMV of €125,000 sold for €190,000.

For the full list of properties, AMVs and sale prices, see this week’s Tribune