West of Ireland sees house prices increase by €20,000 in one year

By Claire Henry

House prices countrywide have risen by €20,000 in one year – almost eight per cent – with the largest price increases being felt outside the capital.

House prices in the west of Ireland have seen the second-highest increase in Ireland in the year to February. The average house price has now risen to €276,000 from €256,000 over the same period last year.

The average national listed price of housing rose by 7.6 per cent in the year to March 2021, according to the latest Daft.ie House Price Report.

The rise marks the second quarter in a row where prices were nearly 8 per cent higher than a year previously, roughly twice the rate of inflation seen during 2018 and 2019.

The average sale price nationwide in the first quarter of 2021 was €275,751, up 68 per cent from its lowest point in early 2013 but still one quarter below the Celtic Tiger peak.

Ronan Lyons, economist at Trinity College Dublin and report author, said: “The figures in this latest Daft.ie report confirm that the impact of Covid-19 on the sale market was a massive shock to supply, with seemingly far less impact on demand.”

“The total number of homes listed for sale in the twelve months to February nationwide was just 45,700, down a third on the previous 12-month period. This sudden collapse in supply – at a time when demand has held up remarkably well – has converted into sharp upward pressure on prices,” he said.

According to the Daft.ie website there are currently 618 houses for sale in Galway and a further 89 apartments. The total number of properties available to buy on March 1 was just under 12,000, the lowest figure recorded since the rise of advertising properties for sale online.

To read the full Daft.ie house price report please click here.

For more Galway Pulse stories click here.

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