Galway city’s residential property market is a dynamic and ever-evolving landscape. The Galway property market continues to demonstrate resilience, even amid broader economic pressures. Demand for homes in the city remains robust, driven by Galway’s unique combination of strong employment opportunities, cultural vibrancy, and high quality of life. However, the supply of housing stock continues to lag behind demand, creating an environment where prices are firm and competition remains high. As we approach the end of 2024, leading estate agent DNG Maxwell Heaslip & Leonard has offered reflections on the key trends and challenges that have shaped the market this year, as well as the opportunities that lie ahead for both buyers and sellers in 2025.
DNG’s residential sales director, James Heaslip commented: “Despite broader economic challenges, Galway has shown remarkable resilience. The property market here stands on firm footing, supported by a unique mix of factors. From the cultural richness of the city to its burgeoning tech and medical device industries, Galway attracts a diverse range of buyers.
"This year, we’ve seen continued interest from first-time buyers, seasoned investors, and families seeking to settle in an area that balances quality of life with opportunity. Transaction volumes have remained steady, with properties moving quickly once they hit the market. Well-priced homes, particularly in sought-after locations are still seeing multiple bids. Areas such as Knocknacarra, Salthill, Renmore, Rahoon, Doughiska and Roscam are in greater demand due to their family-friendly amenities, proximity to schools, and accessibility to the city centre.”
Like much of the country, Galway continues to grapple with a limited housing supply. The shortage of new builds remains a concern, particularly for first-time buyers eager to enter the market. That said, there has been some progress in addressing this issue. New developments in areas like Rahoon, Roscam, Oranmore, Claregalway and Barna are providing much-needed inventory, with a mix of high-quality homes tailored to modern living.
“House prices have increased by almost seven per cent, with the average price now touching €400,000 and with the lack of supply, this doesn’t seem likely to slow down any time soon," James Heaslip added. "With the election out of the way and a new government pending, policymakers must now prioritise affordable housing developments, streamline the planning process, and incentivise builders to focus on developments which will meet the demand that have been set by owner occupiers and first-time buyers.
“The long-term outlook for Galway’s residential property needs to be met with cautious optimism," he continued. "With significant infrastructural projects being mooted and the proposed Galway Ring Road hopefully moving closer to realisation, the city’s connectivity and liveability are set to improve further. Coupled with ongoing economic investment, these factors will go some way towards sustaining the demand for housing, but it needs to happen sooner rather than later.”
Looking ahead to 2025, he said: “Our DNG New Homes division have been the selling agents in a number of new developments over the past year. We and have been at the forefront of the first affordable housing scheme in Galway for 12 years in Claregalway, which will see a second phase early in the new year. We expect a further 200 new units on both sides of the city come to the market in 2025. Our Residential Sales team are already preparing for the new year with a number of exciting new second hand listings coming to the market in January.
At DNG Maxwell Heaslip & Leonard, the team are committed to supporting their clients through every step of the property journey. “Whether you’re a first-time buyer navigating the complexities of the new and second-hand market, or a seller looking to maximise the value of your property, our team is here to offer expert guidance tailored to your needs,” Heaslip said. “Galway’s residential property market is not without its challenges, but its core fundamentals remain strong. As ever, our goal at DNG Maxwell Heaslip & Leonard is to empower our clients to make informed decisions and to ensure they get proper expert advice from agents who fully understand the ever-evolving Galway market.”
