Sharp fall in Galway property prices during 2010 last quarter, says report

Property asking prices in Galway city fell sharply in the last three months of 2010, resulting in a 13 per cent decrease from prices a year earlier, according to latest figures.

The House Price Report for the fourth quarter of 2010, released this week, show that nationally asking prices for residential properties fell by almost five per cent and that the total fall during 2010 was 14 per cent.

By the end of 2010 the national average asking price had fallen by 40 per cent from the peak in 2007 and stood at just below €220,000 (compared to a peak of more than €365,000 in mid-2007 ). Prices fell in all regions of the country in the last quarter, but prices in Galway experienced a particularly sharp fall after being static throughout most of the year.

Throughout the Connacht region asking prices fell by an average of 4.2 per cent in the final three months of the year, very similar to the falls seen between June and September. The average asking price in Galway city in the final quarter of 2010 was €240,000, a fall of €155,000 or 13 per cent from peak levels in 2007. In the rest of the county, asking prices ended the year at €180,000 average, down €127,000 or 16 per cent from the peak.

According to the report the Connacht trends show a slight rise between June and September, with asking prices falling sharply in Galway city between September and December. Asking prices have fallen by 40 per cent from the peak across Connacht and Ulster, with Mayo (a fall of 30 per cent ) the only outlier. There was very little change in the total number of properties for sale in the region since mid-2008. The average time to sell has fallen slightly since September but the time expected is still over 13 months.

A snapshot of asking prices shows that in Galway city the prices are: €148,000 for one bed; €190,000 for two bed; €199,000 for three bed; €269,000 for four bed; and €393,000 for five bed. For County Galway the average asking prices are: €137,000 for one bed; €147,000 for two bed; €175,000 for three bed; €218,000 for four bed; and €295,000 for five bed.

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