Property
Rent prices in Galway City increased by more than 10% in the last year
Average rental prices in Galway City for the second quarter of this year has risen by 10% compared to the same three-month period last year, according to Daft.ie.
The latest quarterly rental report by the property website shows that the average rent in Galway City was now €818 for the three month period from April to June, up 10.1% compared to last year, the second biggest rise in Ireland’s five main cities. In the rest of Galway, rents were on average 8.7% higher in the second quarter of 2015 than a year previously. The average advertised rent is now €590, up 16% from their lowest point in 2013.
Only Cork showed a bigger percentage increase, with rental prices for Q2 standing at €889, a rise of 10.4% on the same period last year. Dublin, Limerick and Waterford all recorded increases as well, with the average rent in Dublin standing at €1,368 (up 8.5%); Limerick came in at €718 (up 8.9%) and Waterford at €629 (up 8.2%).
In Connacht, rents rose by an average of 6.5% in the year to June 2015, compared to stable rents a year previously. In Galway City, rents have risen by 10.1% in the last year and the average rent is now €818.
Year-on-year inflation in rents eased back slightly between March and June but remains high at 8.6% nationwide. The national average rent between April and June was €934, compared to €860 a year previously. Inflation in rents peaked in late 2014, at 10.7%.
As in recent months, the slight slow-down in rental inflation nationally is being driven by trends in Dublin, where rent inflation has eased from 15% to 8.5% in the last 12 months. This means that, for the first time in this market cycle, rental inflation outside Dublin – at 8.7% – is greater than in Dublin.
The stock available to rent remains extraordinarily tight. Just 4,600 properties were available to rent nationwide on August 1st, 2015, compared to 6,800 on the same day a year previously. By comparison, on August 1st 2009, there were over 23,000 properties available to rent nationwide. Supply in the Dublin market has now been tight for nearly three years, with fewer than 2,000 properties on the market on average since late 2012.
“As students prepare for entering higher education, or returning from their summer break, they will find conditions every bit as tight as a year ago in Dublin – and in some places in the country even tighter,” said Ronan Lyons, an economist at TCD and author of the Daft.ie report.
“This reflects a continuing lack of construction at a time when the population is growing. In addition to addressing high construction costs, which are impeding all forms of supply, policymakers also need to examine whether accommodation specifically designed for students suffers from additional barriers to supply.”
The full report is available from www.daft.ie/report.
O’Donnellan and Joyce are handling the sale of a large four-bed detached property located in Shangort Park, Knocknacarra, in Galway.
Located just off Shangort Road, Number 11 was constructed in the early 2000s.
It is a small, quiet development comprised of a mixture or detached and semi-detached homes finished to the highest of standards and overlooking a large green area.
In terms of location, this property has all that one would require and is ideally located within a short walk of quality local schools such as Gaelscoil Mhic Ahmlaigh, Knocknacarra National School and Colaiste Na Coiribe.
An abundance of amenities include the Gateway Shopping Park (B&Q) and Tesco. There are a number of ample green spaces and playing fields close by such as McGrath’s Field, Cappagh Park and Millars Lane.
The property is also located just minutes from the stunning surroundings of Rusheen Bay and Rusheen Woods and the area also boasts a wealth of local amenities.
For more, read this week’s Connacht Tribune.
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Property firm iamsold, whose online bidding and auction platform is used by more 300 auctioneers across Ireland, is continuing to take entries for its 2023 auctions with the next dates scheduled for May 18, June 22 and July 20.
Shane May, Sales Manager for iamsold said: “Previous years have shown the May to July period is particularly strong for selling residential and commercial property. We have an excellent variety of properties currently on offer, and we are finding that there is an ongoing appetite for realistically priced property throughout the country. Our partner auctioneers have been kept busy as requests for viewings remain high.”
Among the properties for sale at the moment are:
Sky Road, Clifden. This is a two-bed property described as “character filled” set in a wonderful holiday location.
This is a traditional cottage which has been cleverly extended to retain its character with a modern living interior. The focal point is the extended living area with full and uninterrupted views over Kingstown Bay. The property is offered at bids over €525,000 and for sale by Sherry FitzGerald Mangan.
Main Street, Headford. Currently the property comprises two buildings, one of which was a public house, whilst the other was a private dwelling. Subject to planning, there is potential to extend to the rear of the property and create multiple units which could potentially provide 2 x 2 bed apartments, along with 3 x 1 bed apartments and could be eligible for the Vacant Property Refurbishment Grant, offering between €30,000 and €50,000 towards the renovations. The property is offered at bids over €145,000 and for sale by Michelle Burke Estate Agents.
For more information on the auction, call 091 882121 or visit iamsold.ie
DNG Martin O’Connor Land Sales are holding an online auction on May 11, where two lots of land in Letterfrack will go under the hammer.
The first lot is an opportunity to acquire a cottage with shed ruins on 4.34ha (10.72 acres) of top-quality land at Attirowerty. Enjoying incredible views in all direction, this land is one of the most outstanding opportunities to acquire a lovely holding of meticulously maintained farmland in the Connemara region in many years.
Bordering the Traheen River, the cottage – dating back to the 1800s – is a traditional stone built property under a galvanised roof laid out in two rooms with open fireplaces in each room. Across the yard there are the ruins of a large shed which could be renovated.
Looking south the cottage enjoys views of Ballinakill Bay, Tully Hill and Letter Hill to the west whilst to the north Diamond Hill and the Mweelrea mountains with many more hills of south Mayo are visible in the distance.
Fully enclosed by stonewalls and concrete post with wire fencing, the land laid out in three large sections provides excellent grazing with a cattle holding yard and cattle crush.
The land is suited for all types of livestock grazing with cattle farming been the main enterprise over the years on the holding. Due to its excellent order the land would be the perfect location for breeding Connemara ponies and also ideal for holding sheep due to its field system and good boundaries.
The property presents itself as an excellent proportion for those looking for a cottage hideaway that they can renovate to their own style in this scenic part of Ireland with a wonderful atmosphere surrounding it. The lands are ideally suited to existing landowners looking to expand or those looking to set up a small holding centrally located between Clifden and Letterfrack.
Lot 2, consisting of commonage lands in three sections at Attirowerty and Baunoge, amounts to 25.5 acres and is also for sale by online auction on the day.
For further information, contact DNG Martin O’Connor on 091 866708.
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