O’Donnellan & Joyce has launched a major sales campaign with a winter sale offering substantial reductions on a large number of houses in order to bring movement and more sales to the Galway city housing market. With economists predicting that prices will drop by a further 10 per cent during the year, O’Donnellan & Joyce has taken the initiative and has written and had meetings with a large number of clients in order to have each property reappraised.
“After discussions with a large number of our clients who currently have properties listed we now have reduced the prices by a further 10 to 20 per cent in order to bring movement to the market,” said Colm O’Donnellan of O’Donnellan & Joyce. “Daft.ie and the Sunday Times property supplement outlined that Galway property prices dropped last year by an average of 20 per cent. With the combined new reductions made by O’Donnellan & Joyce on a substantial number of properties this will bring property prices on the company’s listing down by 30 to 40 per cent from their peak. These enormous reductions bring tremendous value to the market, particularly for first time buyers, giving them the opportunity to buy three bedroomed houses in good locations from as low as €250,000. When you take into account that mortgage interest rates have virtually halved from what they were 18 months ago there will never be a better opportunity to purchase a house.”
O’Donnellan & Joyce is forecasting that prices will begin to bottom out, and we could see a shortage of homes as there is no construction of new family homes in the Galway city area for the foreseeable future.
“We believe that this reduction of the prices will bring a recovery to the market quicker, and Galway city could recover before anywhere else in the country due to the sharp downfall in the prices within the last year,” Mr O’Donnellan added. “The present situation puts buyers in a very strong position as banks now will provide mortgages for individual homes especially in what they perceive to be discount prices and value for money.”
O’Donnellan & Joyce has launched its winter sale on its website www.odonnjoyce.com where all the reductions and bargains can be seen. O’Donnellan & Joyce will open the following houses this Saturday: 27A Hawthorn Place, 92 Drisin, 7 Drom Óir, Boleybeg, 351 Tirellan Heights, 90 Tirellan Heights, 20 Caiseal Cam, Ellenview, 17 Ashbrook, 125 Slí Gheal, 130 Rosán Glas, 48 Gort na Bró, 48 Bin Bhán, and 70 Ashleigh Grove.
For further details contact O’Donnellan & Joyce auctioneers at (091 ) 564212.
