Three-bed semis in Galway fall back to 1998 prices

Date Published: 01-Sep-2011

BY ENDA CUNNINGHAM

Prices of three-bed semi-detached houses have dropped to around €175,000 – a level last seen around 1998 – in parts of the city.

That’s a drop of around 55% since the height of the property boom, when similar properties in Knocknacarra sold for up to €385,000.

And cautious investors are creeping back into the market, buying up apartments in the city centre priced between €100,000 and €175,000.

In recent weeks, four-bed semis in established estates in Knocknacarra have sold for €200,000 and €220,000.

But it is the three-bed semi – traditionally seen as the ‘staple diet’ of first-time buyers – that has been hardest hit by the property crash.

They are now selling for between €175,000 and €195,000 in western and eastern city suburbs.

Niall Browne, Residential Sales Manager with O’Donnellan & Joyce Auctioneers told the Galway City Tribune: “It depends on the condition of the property. Yes, we are seeing three-beds at that level, but if they’re in very good condition, you’d get over €200,000.

“It’s a level last seen around 1998, but there are exceptions, if it’s in good condition,” said Mr Browne.

He said investors are also looking for suitably-priced rental properties around the city. “They’re coming back in a big way, looking for city centre apartments around €100,000 to €175,000.

These would be people who had exited the market previously and are worried about their money being in the bank because of all the recent negativity about the euro and the dollar,” he said.

For more on this story, see the Galway City Tribune.