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Serious shortage of properties driving up Galway City prices

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A significant fall-off in residential property sales in Galway so far this year – down more than 13% – has been blamed on a “serious shortage” of quality homes for sale in the city.

And housing charity Threshold said this week that the number of tenants looking for help with rent increases in Galway has more than doubled so far this year, to almost 250.

The “serious shortage” in the supply of homes coming on the market is also continuing to drive house price and rent increases.

And phases in any new-builds – such as Maoilín in Knocknacarra and Réileán in Roscam – can in some instances be sold within hours of coming on the market.

Not alone has the lack of supply led to a fall-off in the volume of homes being sold here, it has also seen price rises of around 10% over the past year.

Figures from the official Property Price Register show there were 1,393 residential properties sold across Galway up to mid-August this year, with a combined value of more than €246 million.

That’s down almost 14% on the 1,612 sold during the same period last year, with a combined value of almost €272m (nearly 10%).

Niall Browne of O’Donnellan & Joyce Auctioneers said: “There is such a serious shortage when anything comes up for sale, people will go in their droves to see it, and you have several people bidding on every single house you have.”

For more on this story, and further figures from the Property Price Register, see this week’s Galway City Tribune

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