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AS MUCH AS €5 million worth of property and land was sold in the second all-day auction in Galway.
One property, a bungalow on Shantalla Road, exceeded its advised minimum value of €135,000 by more than double, while a 3-bed bungalow on Lower Fairhill Road went for €326,000.
The organisers, O’Donnellan and Joyce’s, said there was “high demand” for key city centre addresses, with the all residential properties attracting strong interest.
Comment on today’s auction, O’Donnellan said:
There’s a continued confidence in Galway’s property market which further highlights the shortage of quality family homes in desirable locations across Galway city.
Other notable sales included a 11-bed guesthouse in Ballyvaughan for €200,000, and a 423 square foot commercial property unit in Spiddal that sold for €48,000.
Yesterday Colm O’Donnellan said the market in Galway had changed rapidly over recent years, with more cash investors being drawn back into the market.
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The bubble has burst – Long live the bubble!!!!
- Still hoping for the day that internet auction sites wipe out the vile, deceitful Auctioneer & the old pretence of the Solicitors sham ‘role’ is replaced by a standardised system with the appropriate fees, ie a fraction of what they steal now…..
Ireland is up for sale , but the Irish are not the ones who are doing the buying (except for the tax exile Denis the menace o Brien ) really cool We are fast becoming tenets on our own land . . Our country is being asset stripped at an alarming rate . Our water is top on they wish list for most . Irishwater will be sold . Stop the meters stop the privatisation . Simples !
I think Iirsh water is sold ; bord gais was sold and Iirsh water is under it’s auspices ; I could be wrong it may be a separate section;
It doesn’t matter if it’s sold because we are as well off take their money ; after all investments can go up as well as down and seeing as we are noted for our generosity why don’t we share the loss by getting paid up front for something that they can never never own………..
Keith, all citizens who didn’t receive titles with attached lands from our British overlords in the last 8 centuries are currently leasing their land our county councils. These tiles can be sold on, or inherited. You/We have always been tenants! Why else are properties sold as leasehold, freehold, etc? The local councils “own” the land, or the legal term would be that they have the equitable rights. You simply have the “use” of it for the period of the lease. This is why you can be charged rates, property tax, wealth tax, etc. This is why the local sheriff is onsite when you’re getting evicted from your home.
Few typos above: ” are currently leasing their land from our county councils. These titles can be sold on, or inherited.”
Exactly, you only own the crown title deeds and not the actual land.
Why, Because Eire never sold Herself to anyone, so no one has a receipt from Her, have they?
NO ONE “OWNS” the land as it was never sold to begin with by Sovereign Eire.
Hence the land and property cannot actually be sold in the way most people think it can.
Land Registry is there only to deal with Reg- King- istering and people really ought to read their documents carefully.
Exactly Finn , the land is owned by the govt . We (the banks)own the house.
The boom is on the way back! Yet another bubble!!
That’s capitalism for you!
Always loved Galway. It’s the only other place in Ireland I would live.
Very few first time buyers do so with cash, these are investors. Despite the sales we now have a completely dysfunctional property market.
Don’t be fooled first time buyers… These properties weren’t bought with mortgages… hold out, when the cash buyers are done property prices will drop again…
A lot of them as cash buyers who are getting very low rates on their savings and then the state take half of it
The cash buyers will be ok but as always the person struggling to get a home will be screw when ECB starts to put rates up then the bubble will burst
This is investors with the cash.If you had cash what would you do??…Buy risky shares or Leave it in the bank with 0% interest and fees, Or invest in a decent property. Many of these properties will pay for themselves in 15 years or so, great investments!
Ya agree boom on the way back and will be worse then ever
If people and residential property companies were dis-incentivised to invest in residential property the economy would be much better off. SMEs, manufacturing, farming, research, etc would get more investment and jobs would be created, the revenue from PAYE would increase and there would be more jobs in construction of infrastructure, factories, offices, research units, etc. I think the government should tax 2nd homes and residential property companies should be taxed much more as they are creating a situation where few can afford a home and rental prices are too high. We should Revolutionise the whole residential housing so everybody can afford 1 home and if people or companies want to get involved in property investment they should be taxed at a really high rate. Investment residential property companies from other countries would go elsewhere to invest in property. Ireland should invest in people.
………………..and Josephine Feehily licks her lips as she receives the fax of the list of names of all the Irish who bought property and thinks “AUDIT !”
Cash buyers – BEWARE !
This is just propaganda bs….they ve done this now twice re advertising in the space of
A week…..of all the counties and all the improvement …. DO NOT take ODJ at their word… That’s from first hand not hearsay….
You can’t bring land, houses, assets with you when you eventually pass away.
Thank you for this timely existential warning. I will immediately instruct my attorney to diversify my investment portfolio into papal indulgences.
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