Donegal property sales show 21 per cent reduction

The number of properties to change hands for the first quarter of 2017 was 250, compared to 315 for the period from January to March in 2016.

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Donegal property sales show 21 per cent reduction

The biggest reduction in property sales in Ireland for the first quarter of 2017 was in Donegal, according to an analysis of the Property Price Register carried out by property website MyHome.ie

The figures show sales in Donegal are down 21 per cent for the first three months of the year, compared to the same period last year.

The number of properties to change hands for the first quarter of 2017 was 250, compared to 315 for the period from January to March in 2016.

Just over 10,000 properties changed hands in the first three months of the year, with property sales across the country increasing by 4.9% in the first quarter of the year compared to the same period last year.

Sales in Dublin comprised just over a third of this total at 3,407, an increase of 5.7% on the same period last year.

Angela Keegan, Managing Director of MyHome.ie said one of the most notable trends was the upswing in sales in the capital’s commuter belt.

“Sales in Meath are up 32%, Kildare is up 26%, Wicklow is up 17% while Louth is up 9%. We’re all aware of the shortage of properties in Dublin and the resulting higher prices so it’s clear buyers have decided – or have been forced – to opt for more affordable properties in neighbouring counties. While often the properties outside Dublin are bigger and newer the downside is the commute.

“Interestingly the border region delivered the two counties with the biggest increase and decrease in sales; Cavan recorded a 35.4% increase, while Donegal saw sales fall by 21%," she said.

“While sales may be up in the commuter belt and most other parts of Leinster, it’s a very different story in the west and south. Sales in Donegal are down 21%, in Sligo its 8% and in Mayo it’s 17%. Further south they are down 16% in Limerick and 8% in Kerry. Interestingly Clare is up 35%, while Galway is up 9% and Westmeath is up 30%. These figures show that the Irish property market is no longer just Dublin and the rest of the country but has fragmented into a number of micro markets which move in response to a variety of local and national factors,” Ms Keegan added.