Post-Covid influx drives Connemara house prices out of reach for locals

Locals in North Connemara are being priced out of the property market as cash-rich buyers from the east coast decide to set up home in the west.

That’s according to a local auctioneer who said the pandemic had ‘ramped up’ interest in an already overstretched market.

Oughterard-based auctioneer Luke Spencer said every property he was bringing to market was attracting massive interest and as a result, prices were increasing.

“There’s a shortage of property in the area. There is extremely strong demand on all properties that are coming to market and there is an increasing number of buyers.

“Most of them are cash buyers who have increased their savings over lockdown and are looking to property to invest, and what people are seeing now that once they have good broadband, they can set up home anywhere,” said Mr Spencer.

This was driving the influx from the east coast, particularly Dublin where Mr Spencer said people could sell a property for far more than what they’ll pay in Connemara despite increasing prices there.

And with remote working now the norm for many people previously tied to an office in the Capital, relocation to the West was an increasingly attractive prospect.

“We had one property on the market for €240,000. Two Dublin people viewed the property by virtual tour and began bidding against each other. The person who bought the property had never actually seen it in reality before I handed them the keys but it ended up getting €325,000,” he said.

See full story in this week’s Connacht Tribune, on sale in shops now – or you can download the digital edition from www.connachttribune.ie