Asking price of a three-bed semi in Galway City drops to €132,000 Asking prices for three-bed semi-detached houses in Galway City are averaging €132,000, little more than a third of their value at the height of the property boom. According to a new report from property website Daft.ie the average asking price for any property type in the city is just over €160,000 – that’s down 6.6% on the same time last year. However, the figures also show that the asking price for a three-bed semi is now averaging €132,000. That’s down almost 64%, or two-thirds, on asking prices for similar properties at the height of the boom in 2007 which at one point passed the €365,000 mark. The report shows the average asking price for a one-bed apartment in Galway City is now €67,000; for a two-bed terraced it is €83,000; for a four-bed bungalow it is €219,000 and for a five-bed detached, the average is €307,000. Conversely, the report found that parts of Dublin are seeing a rise in asking prices, of between 2.1% and 12.2%. Ronan Lyons, economist with Daft.ie said: “It is likely that over the next 12-24 months, we may have to get used to the idea of prices rising in some places – particularly urban areas – while they fall elsewhere. “In a sense, no-one is going to be happy; markets with falling prices are ones where sellers are frustrated and buyers are nervous about ‘catching the falling knife’. “In rising markets, buyers will – just as they did before 2008 – feel like they have less time than they would like for what is one of the most important financial decisions they will make,” said Mr Lyons.
Posted on: Tue, 02 Jul 2013 08:14:57 +0000
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