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One of the key national residential property challenges in 2015 is the housing supply shortage which is particularly prevalent in the Dublin and Leinster regions and the cities of Cork, Galway, and Limerick, according to Claire Moran of The Connacht Property Auction. The housing supply shortage is putting disproportionate pressure on the residential rental market nationally, but is most prominent in the urban areas of Dublin, Cork, and Galway city and suburbs. The under-supply of new builds to meet demand is projected to continue throughout 2015 according to several reports, making now a better time for prospective purchasers to buy residential properties, according to Ms Moran.
The Connacht Property Auction has noted property transactions for the first half of the year in the Republic of Ireland are up by more than a third on the same period in 2014. An analysis of Property Price Register figures shows there were 21,425 sales between January 1 and June 30 this year. This is 34.6 per cent higher than the 15,920 transactions recorded during the same six-month period a year earlier. This shows that confidence is returning to the market both in the major urban areas and also the regional towns and rural areas.