What’s Happening in the Property Market in Galway?

Galway, located on the West coast of Ireland, is known for its vibrant culture, rich history and stunning scenery. It’s a popular place to live for people of all ages and it’s worth considering this unique City if you’re considering relocating. Before searching for properties for sale in Galway, you will understandably be curious about the local property market and whether now is the right time to buy in this area of Ireland. 

In this post, our team at Michelle Burke takes a look at the current state of the property market in Galway and what buyers and sellers can expect in the coming months.

Active and Strong Market 

The property market in Galway is currently very active and strong, and there is a steady demand for both residential and commercial properties throughout the City. The market has seen a steady increase in prices over the past few years and this trend is expected to continue in the coming months. This is due to a combination of factors, including the current economy, population growth and a lack of available properties.

High Demand for Residential Properties

There is a high demand for residential properties in Galway, yet there is a limited supply of properties for sale on the market. This has led to increased competition among buyers and in some cases, properties are selling for above the asking price. The most popular areas for buyers include the City centre and Salthill. However, as properties in the City become more expensive, many are starting to explore the surrounding suburbs too.

Growing Rental Market

The rental market in Galway is also growing and there is a high demand for private rental properties. Families, couples and individuals alike are searching for apartments and houses to rent in Galway, and properties in desirable locations are quickly being snapped up by renters. As the City is home to two universities, there is also a growing demand for student accommodation as well as commercial spaces.

Increase of New Developments

In an attempt to meet the high demand for properties in Galway, there is an increasing number of new developments being built in the City and surrounding areas. There are several benefits associated with buying a new build property and many prospective buyers are drawn to new developments. The growing construction industry in Galways is contributing to the overall strength of the property market.

Lack of Available Properties

Although the future outlook for the property market in Galway is positive, there is expected to still be a lack of available properties throughout 2023. The City’s economy and growing population will continue to drive demand, and as a result, prices are expected to continue to rise in the coming months. The market is likely to remain active and the overall outlook is positive. 

Searching for Property for Sale in Galway City?

Ultimately, there is a steady demand for both residential and commercial properties in Galways and the property market is currently active and strong. No matter what type of property you’re looking to buy, now is a good time to be involved in the Galway property market. Our team at Michelle Burke is here to help you with your Irish property search and we have many years of experience helping people find their dream home. 
Feel free to explore our website today when searching for property for sale in Galway City and don’t hesitate to get in touch with us if you have any questions about the properties we’re advertising. You can call us on 091 868080 or email us at info@michelleburke.ie and we will get back to you as soon as possible. We can assure you that you will be in very capable hands when you turn to us for assistance with your property search in Galway City.