Property is back in vogue as demand surges in Limerick

Anne Sheridan

Reporter:

Anne Sheridan

A one-bed apartment in The Strand is currently up for sale for �175,000 through REA agents, making it the most expensive one-bed in the city
NEARLY 100 homes in Limerick were sold last month, amounting to sales of over €14m.

NEARLY 100 homes in Limerick were sold last month, amounting to sales of over €14m.

The latest figures from the property price register, a database of all properties sold nationwide, shows that 94 properties of all sizes and prices sold last month.

In all, some 931 houses in Limerick have sold so far this year, and it is now established as one of the fastest growing areas for house sales in the country.

The number of property sales in Limerick jumped by almost two thirds in the first half of this year compared to the same period on 2014, according to recent data from MyHome.ie, which recorded a 62.4% increase year on year.

House sales in Limerick so far this year have dwarfed neighbouring counties of Clare (548 sales), Tipperary (585) and Kerry (659).

By comparison, Galway has seen 1,316 house sales this year, and there have been 2,633 in Cork, with an additional 8,000-plus in Dublin.

Four properties in Limerick sold for in excess of €400,000, which would not be exorbitant by boom standards, but few houses of this price level have been sold in recent times.

Among those selling for more than €400,000 were: 3 Richill Woods in Lisnagry for €425,000; Greasha House in Castleconnell for €420,000; 4 Caislean Nua on the Golf Links Road for €436,000 and 3 Kyleglass, North Circular Road for €410,000.

Lisa Kearney, of Rooney’s auctioneers, said they are now seeing queues of people for properties on open night, and very often the properties sell the next day more than €50,000 above their guide.

“The market has most certainly seen a substantial increase in the number of enquires and viewings over the last six months. In fact it has been very buoyant across many areas of the city. In the majority of cases we have found that competitive bidding has resulted in homes being sold for prices in excess of their asking price. This is resulting from a shortage in good family homes being brought to the market. Demand is most certainly outstripping supply in all house types and areas.”