Search Results for 'Real estate economics'

'Housing affordability' has become the dominant topic of Irish political discourse over the last number of years. Regularly featuring in opinion polls as the most important issue facing people, our political leaders have struggled to outline a clear path to solving this housing crisis. With residential property prices having more than doubled over the last decade, we asked some of our local Galway property experts what advice they would have for the government in handling this issue.

The consensus among the auctioneers The Galway Advertiser spoke to over recent weeks was that 2024 was a very strong year for residential property sales, and the market would remain robust in 2025.

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.

In the past 12 months, DNG Maxwell Heaslip and Leonard’s Residential Sales division had another promising and positive year, listing circa 230 properties across Galway city and county. With 92 per cent selling in the first four weeks of going to the market and over 60 per cent of them achieving figures above their initial guide prices, the residential property market in Galway continued to show a positive and steady growth.

Leading Galway city estate agent DNG Maxwell Heaslip & Leonard is reporting a hugely positive start to 2023 for its residential sales division. Some 92 per cent of its residential listing from January to the end of June sold in the first four weeks of going to market, with over 60 per cent of properties achieving figures above their initial guide prices. These impressive figures show why the company continues to be a leading light in the west of Ireland property market.

The housing market in Ireland has been a challenge for potential homeowners seeking to purchase their first home. There are several factors that impact first time buyers in the housing market in Ireland. One of the major challenges that first time buyers face is the limited housing supply in the market. This has been a challenge for many years and has led to a significant increase in house prices. This makes it tougher for first time buyers to purchase as they may not have enough funds to compete with other buyers. Many construction companies have been limited by funding issues and delays within the planning process for new projects. This leaves fewer new homes available in the market and it also drives up the cost of such homes.

Minister Catherine Martin is taking action to bring properties back onto the long-term housing market as can be seen in a new proposal approved by the Cabinet.

Commenting on the most recent CSO Residential Property Price Index for May IPAV, the Institute of Professional Auctioneers & Valuers has said the acceleration in prices seen in the publication is likely to continue for the foreseeable future until supply improves and moves more in the direction of meeting demand.

Acceleration in house prices can be expected to continue until supply ramps up on its current “anaemic level”, the Institute of Professional Auctioneers & Valuers (IPAV) has warned.

The Construction Industry Federation (CIF) are broadly supportive of Budget 2016 announced on Tuesday, which sets Ireland on a positive path for economic growth and recovery.