The property market in Galway City is expected to remain strong in 2024, with house prices forecast to grow by 4%. This is supported by a number of factors, including strong economic growth, low unemployment, and rising demand from both local and international buyers.
Local buyers
The number of first-time buyers in Galway is expected to remain high in 2024, as the government continues to support the market with schemes such as the Help to Buy scheme. The scheme provides a government grant of up to €30,000 towards the purchase of a new home for first-time buyers.
In addition, the number of people moving to Galway for work is also expected to remain high, which will further drive demand for housing. The city is a major hub for technology, life sciences, and other industries, and it is attracting a growing number of young professionals.
International buyers
Galway is also a popular destination for international buyers, who are attracted by the city’s vibrant culture, stunning scenery, and relatively affordable property prices. In particular, the UK market is expected to remain strong in 2024, as Brexit has led to an increase in the number of British people looking to relocate to Ireland.
Key trends
The following are some of the key trends that are expected to shape the Galway property market in 2024:
- Increased demand for apartments: The demand for apartments is expected to continue to grow in 2024, as more and more people are choosing to live in the city center. This is due to a number of factors, including the convenience of apartments, their relatively affordable prices, and the growing popularity of rental accommodation.
- Rise in build-to-rent developments: There is a growing trend towards build-to-rent developments in Galway, as investors see this as a way to capitalize on the strong demand for rental accommodation. These developments typically consist of large apartment blocks that are specifically designed for rent.
- Increased focus on sustainability: There is a growing focus on sustainability in the Galway property market, as developers and homeowners alike are becoming more aware of the environmental impact of their choices. This is leading to an increased demand for energy-efficient homes and the use of sustainable materials in construction.
Overall, the Galway property market is expected to remain strong in 2024. The combination of strong economic growth, low unemployment, and rising demand from both local and international buyers is likely to keep prices on the rise.
Here are some additional factors that could impact the Galway property market in 2024:
- Interest rates: The Central Bank of Ireland has kept interest rates low in recent years, which has helped to support the property market. However, if interest rates were to rise, this could dampen demand for housing.
- Brexit: The UK’s withdrawal from the European Union could have a significant impact on the Galway property market, depending on the terms of the final withdrawal agreement. If there is a hard Brexit, this could lead to a decline in demand from British buyers.
- Economic growth: The strength of the Irish economy will also play a role in the performance of the property market. If the economy grows strongly, this will support demand for housing. However, if the economy slows down, this could lead to a decline in demand.
Overall, the Galway property market is expected to remain strong in 2024. However, there are a number of factors that could impact the market, so it is important to keep an eye on the latest developments.
Here are some specific investment opportunities in the Galway property market:
- City center apartments: There is a strong demand for apartments in the city center, as they are convenient and relatively affordable.
- Build-to-rent developments: These developments are specifically designed for rent, and they offer a good opportunity for investors to generate income.
- Sustainable homes: There is a growing demand for sustainable homes, as they are more energy-efficient and environmentally friendly.
These are just a few of the investment opportunities that are available in the Galway property market. With careful planning and execution, investors can make a profit from investing in Galway property.
