The Galway property market is continuing to experience a significant shortage in supply, particularly impacting first-time buyers seeking homes in the city area. Local real estate agent Deirdre D’Arcy, of DNG Maxwell, Heaslip & Leonard sees first-hand the current challenges facing prospective homeowners. The growing demand for housing in Galway, coupled with limited supply, has created a competitive landscape, especially for those entering the market for the first time. "The lack of available properties in the city area is putting immense pressure on first-time buyers, many of whom are struggling to secure suitable homes within their budget," she said.
With approved buyers eager to make their move into homeownership, the shortage of inventory has led to heightened competition and increased property prices. "Approved buyers are ready to go, but the limited options on the market are driving up prices and making it increasingly challenging for them to find a property that meets their needs," Ms D’Arcy remarked. "Undoubtedly, the increase in mortgage rates is also a significant factor currently impacting housing prices, from the individual buyer's repayment capacity and also due to the increased cost of development financing which is adding a cost to each new home being built.
“I am continually meeting the same prospective buyers at multiple property viewings and for some this has been ongoing for lengthy periods of time, causing stress, upset and frustration," she added. "They have everything done correctly, have saved their deposits and have their mortgage approval in place, they just need to find a suitable home.”
Despite these challenges, D’Arcy remains optimistic about the resilience of the Galway property market and emphasises the importance of proactive measures to address the supply shortage. "It is crucial for policymakers and stakeholders to work together to incentivise the development of new housing stock and create more opportunities for first-time buyers to enter the market," she explained. “While the extension of the Enhanced Help to Buy Scheme and the First Home Scheme are undoubtedly moves in the right direction, they will require significant increases in new home supply to be effective in effecting any significant change.”
As the demand for housing in Galway continues to outpace supply, Deirdre D'Arcy encourages prospective buyers to stay informed, remain patient, and work closely with experienced real estate professionals to navigate the competitive market successfully. Recent moves by many landlords to exit the rental market have also led to increased supplies of second-hand homes coming to market, and coupled with the continuing trend of apartment living there is hope on the horizon. “Whether you are a buyer looking for advice or a property owner considering selling please feel free to contact me at the number or email below and I would be delighted to help in anyway at all possible,” she added.
Contact Deirdre D’Arcy, DNG Maxwell, Heaslip & Leonard (PSL no 001356 ) or any of the residential sales team on 091 565261/083 1098828 or by email at [email protected].
