A new study based on an analysis of the Property Price Register shows that the number and value of transactions in Galway rose substantially during 2013.
The study shows there were more than 1,500 sales in Galway last year, up 32% on the 1,170 recorded a year earlier.
This means that the market in Galway is growing at almost twice the pace recorded in Dublin, where the number of transactions rose by just 17% last year.
The research, carried out by leading property website MyHome.ie, also found that €242.5 million was spent on property in Galway in 2013. This was 25% more than was spent in 2012.
However as Angela Keegan MD of MyHome.ie pointed out, just like the capital, Galway city is also suffering from a shortage of suitable stock.
“It’s clear the property market turned a corner in 2013 and the increase in transactions and in transaction values in both the city and county is most welcome. However we are in the early stages of recovery and the increases are coming off a low base.
“According to local estate agents most first time buyers are looking for 3 and 4 bed semis in the suburbs or within easy commuting distance of the city, areas like Knocknacarra, Roscam and Salthill. City agents say that investors are back looking for good quality properties and this together with renewed consumer confidence is helping apartment prices to recover.
“Around the county viewings are up and prices have stabilised. If supply shortages can be addressed quickly, Galway may avoid the kind of price increases we have seen in Dublin over the last year” Ms Keegan said.
While the biggest sale last year was €2.1m for a development, 1 – 25 Moneenageisha Court on Moneenageisha Road in the city, the most spent on a single property was the €1,020,000 for a property on Threadneedle Road, Salthill.
At the other end of the scale, three properties in Gort, Ballinasloe and Portumna sold for €10,000.
Galway City accounted for 381 of the county’s sales last year, up 27% on a year earlier when there were 301 transactions. The amount of money spent on property in the city also grew by 31% to €78.5 million in 2013.
This means that roughly a third of the money spent on property in Galway last year was spent in the city while one in four properties bought in the county was in the city.
The place which recorded the biggest increase in sales was Gort, which saw sales go from 25 in 2012 to 66 last year and increase of 164%. Other towns which saw significant increases were Ballinasloe which went from 63 to 95 an increase of 51%, Tuam which went from 63 to 90 a rise of 43% and Clifden which went from 16 to 27 an increase of 69%.
The only notable faller was Claregalway, where transactions declined by 20%.