The Galway property market has seen unprecedented growth with demand far surpassing supply, according to Niall Browne of O’Donnellan & Joyce. According to Mr Browne the supply of property with the level of demand is causing what can only be described as a frenzy, driving prices equivalent to 2005/2006. Typical houses are in the city and suburbs are achieving 10 to 15 per cent higher than recorded in comparison to 2012/2013. Not alone are owner occupier houses selling well, but investment properties including apartments and townhouses are being agreed at an incredible rate.
One particular four bedroom semidetached property in Fort Lorenzo has experienced 59 viewings in three weeks, with the offers not far exceeding the asking price. “You would be lucky to have that number of viewings across all properties for sale with our agency in one month last year,” said Mr Browne, who leads the agent’s private treaty sales department along with Kyle O’Brien and Emma Carpenter.
“Properties in other areas of the city such as Salthill, Oranmore, Roscam, and Doughiska are also selling just as well, with our diary full six days a week,” he added. The demand for property has increased significantly, creating an increase in viewing requests for the team at O’Donnellan & Joyce.
“There is a strong possibility that this may be a false market, and everyone is fully aware of the repercussions of spending more than they can afford, but there is nothing stopping buyers aggressively seeking homes,” he said. “From what we can see banks are open for business for starter homes which are most in demand. Nearly 80 per cent of the investors are securing properties with cash purchases.”
Mr Browne, who recently marked 10 years with O’Donnellan & Joyce, hopes to see more houses constructed to meet the levels required to stabilise the market. The second hand sales team have page after page of willing buyers anxious to purchase homes across the city.
Contact O’Donnellan & Joyce at 091 564212.