Property prices see 8% drop

Asking prices for homes in Galway City fell by almost 8% over the past year – more than double the national rate – according to new research from property website Daft.ie.

The figures show that two-bed terraced and five-bed detached homes have been worst hit in the slump – with asking prices down by around one fifth.

The average asking price in the city at the end of June was €278,371, 7.8% down on twelve months earlier, while the county was down 1.8% to €200,802.

Nationally, the average listed sale price was €253,868 – down 3.3% on a year ago.

A breakdown of the figures for the city shows that asking prices for one-bed apartments dropped 16% year on year to €106,000; two-bed apartments at €133,000 (down 19%); three-bed semis at €197,000 (down 16%); four-bed bungalows at €351,000 (down 16%) and five-bed detached at €405,000 (down 21%).

Economist Ronan Lyons, who authored the report, said: “Market activity rebounded strongly in June, perhaps reflecting an element of pent-up demand carried over from April and May. This is particularly the case for sales, where over 5,200 homes [nationally] were listed for sale during the month, compared to roughly 2,000 in both April and May. Nonetheless, the figure remains below the total for June 2019.

“In the rental segment, however, significantly more homes were listed in June this year than last.

“The concern remains that policymakers see this as the underlying problem solved. While the new government may want to favour the construction of owner-occupied homes, the fundamental shortages are in the social and market rental segments and it is those segments that must be the focus for policymakers over the coming years,” said Dr Lyons.

For more, read this week’s Galway City Tribune.

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