Galway Bay FM News Archives
Property market facing a ‘perfect storm’
Date Published: 06-Apr-2011
House prices across Galway – which are already down by between 35% and 60% since the height of the construction boom – look set to take a further hit as a ‘perfect storm’ looms over the property market.
A leading economist has warned that a surge in repossessions, coupled with rising interest rates, restricted mortgage lending and an increase in properties on the market as struggling homeowners are forced to sell, will all cause a “second wave of weakness” in the market.
Figures released this week show that asking prices for homes in Galway City are down 4.8% since the end of last year, while in County Galway, prices are down 1.3%.
In fact, the latest ‘Asking Price Index’ from Daft.ie, the country’s biggest property website, shows that since the peak of the market, prices in the city are down 42.3%, with the county down 42%.
However, there is separate evidence in county areas of property prices being given ‘haircuts’ of up to 60% by some developers desperate to offload stock.
Now, Eoin Fahy, Chief Economist with Kleinwort Benson Investors, has warned that a “new set of problems” could be on the way for the property market.
“It’s clear that the European Central Bank is about to raise interest rates. And once interest rates begin to rise, they will surely continue to rise steadily for the next year or two, as the ECB seeks to return rates to more normal levels, say two to three per cent above the current ‘emergency’ rate of one per cent.”
See full story in this week’s Connacht Tribune.
Date Published: 07-May-2013
Galway has a population of young people which is more than twice the national average.
According to information gathered by the Central Statistics Office, Galway’s population of 20 to 24 year olds is more than twice the national average.
The number of 25-34 year olds in Galway is also more than the norm nationally, with the two main colleges thought to be the main reason.
However immigration in Galway is much higher than in other areas at 19.4 percent, compared to the national average of 12 percent.
Date Published: 07-May-2013
A city councillor is encouraging people to donate goods directly to charity shops.
It follows allegations of thefts from clothes banks in Galway and across the country in recent months.
However, cameras are in place at some clothes banks and surveillance is carried out by local authorities.
Speaking on Galway Talks, Councillor Neil McNeilis said the problem of theft from clothes banks is widespread.
Date Published: 07-May-2013
A park ‘n’ ride scheme from Carnmore into Galway city could become a permanent service if there is public demand.
That’s according to the Chief Executive of Galway Chamber of Commerce, Michael Coyle.
The pilot scheme will begin at 7.20 next Monday morning, May 13th.
Motorists will be able to park cars at the airport carpark in Carnmore and avail of a bus transfer to Forster Street in the city.
Buses will depart every 20 minutes at peak times and every 30 minutes at offpeak times throughout the day, at a cost of 2 euro per journey.
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