Is COVID-19 affecting the real estate market in Galway?
Galway, Ireland Real Estate Trends
There is one thing we like about the real estate market – there always something to celebrate. When the prices go up, the sellers celebrate for making higher profits and the homeowners celebrate the increase in the worth of their asset. Meanwhile, when the prices go down, those who wish to invest in the real estate market or those who wanted to buy a home since very long celebrate!
As we noted, when you pull a card out of the tarot deck for real estate, the three of cups will always pop out noting celebrations.
Galway Ireland is the place where the Corrib River meets the Atlantic Ocean! Let's get started to navigate through the price changes in the real estate market of Galway Ireland:
On average there has been a year by year drop in prices at Galway by 8%. If we notice the trends, the prices fell by 8% in June 2020. In the prices for a house in Galway, Ireland was €278,371 which fell by nearly 8%.
The latest Daft, i.e. Housing Market Report compiled by economist Ronan Lyons shows that nationally, average house prices in June were down 3.3% on last year. Many reports have titled the fall in the prices with headlines such as "Decade ends with return to falling house prices."
It seems like good news, allowing housing for more people and now is the time to buy the house you always wished for. It is not certain that the prices will only fall, they do increase however if someone wants to reap more than what they sow – they should buy properties in such amazing prices and when the market increases it will be a good opportunity to sell them for higher profits.
Let's talk about some numbers. As per Daft.ie between June 2020 and September 2020 there has been a 4.8% rise in prices. The rise is a sign of hope for all those who were waiting since long to sell off the properties they had bought. It is a ray of hope for many.
On average the prices have increased in Galway city by 3.1%. Chief economist at Trinity College Dublin has also stated that the rise in prices despite COVID -19 is fascinating, however not unexpected. It brings Galway city and Ireland in line with all those countries that are not disrupted by COVID-19. There was a collapse in demand and hence the prices for the houses from April 2020 to June 2020. The collapse has led to the overall fall, but the prices have also increased after the period near June 2020 was over.
One reason for the price rise is the lack of completion of new houses and housing schemes. Fewer projects are finished due to which houses and the price increase are scarce
What To Do
Buying or renting a property is not an easy feat. There is a lot more that goes behind it; however, now is the perfect time to buy properties to generate assets. You can hire real estate agents or property management and landlords who will assist you with managing your property and managing them. You can contact experienced and professional agents like JCMC Property Management.