Greetings from the West of Ireland
The current property market in Galway City is showing signs of increased activity with 1st time buyers and investors making up the bulk of purchasers. Good quality 3 bed semi detached properties are in demand and local agents are finding that as long as the property is correctly priced and well presented these properties are selling in a matter of weeks and days in some cases. The biggest problem that all agents but particularly the city agents are finding at the moment is the lack of new properties being listed for sale. So are we seeing a lack of property available? Yes we actually are! There are still sellers who won’t accept the current market values and are insisting that agents list their properties at above the current market value which distorts the picture for would be buyers. These properties wont sell and are effectively not really for sale as the prices being asked are unrealistic. Good quality properties priced according to the current market value are selling and are in short supply.Galway has continued to see new jobs being announced for the area and with two colleges and four hospitals in the city, investors are increasingly buying rental properties in these areas as they are seeing good value for money and reasonable yields.
Galway County varies from area to area with certain large towns like Tuam, Gort, Loughrea and Ballinasloe still suffering from oversupply whereas other areas are also seeing a lack of good quality family homes being released to the market. A lot of the advertised properties have been on the market for years and the asking prices are not reflecting the current market values. Part completed properties do represent good value for money however potential buyers are experiencing difficulty in borrowing in order to complete the properties and so the actual market of potential buyers is proving very small.
In comparison to other cities NAMA has relatively few units in Galway City. The majority of these are single units and although are not currently for sale there are few enough of them to actually have an effect on the market.
~ Fenella Boland