In the Sunday Time’s Property Price Guide, it has been predicted that the CSO average housing price of €110,800 will rise by 5% over the course of 2017.
Prices of semi-detached houses and apartments in Letterkenny and Buncrana got a major boost in 2016, with price rising by 8.8% year-on-year, and investors returning to the county.
Speaking to the Sunday Times, Paul Franklin from Franklin’s estate agents says; “Global uncertainty will undoubtedly affect property values in 2017.”
“Brexit is uniquely unpredictable and the dramatic fall in the value of sterling will no doubt continue to stifle interest from the UK and Northern Ireland, where 42% of our clients are based.”
“Letterkenny appears to be quite resilient to adverse outside factors. The town has a strong commercial, entrepreneurial spirit with a supportive local community. Infrastructure has improved dramatically and the region now draws people from around the country.”
A second-hand three-bed semi, which would have been worth €80,000 in 2014, is expected to fetch a massive €130,000 in 2017.
Similar rises can be seen with a second-hand 4-bed in a town, which would have gone for €90,000 in 2014, has gained a massive €65,000 in value; being worth €155,000 in 2017.
The only property type to decrease are large country homes with land, which on average would have been worth €350,000 in 2014. The price fell by €5,000 in 2015, and remains at an expected €345,000 in 2017.