08 Aug 2022

The price of a three-bedroom semi in Donegal expected to rise by 4% - REA

The price of a three-bedroom semi in Donegal expected to rise by 4% - REA

The price of the average three-bed semi expected to increase

The price of the average three-bed semi in Donegal is expected to rise by 4% in the next 12 months, according to a survey by Real Estate Alliance (REA).

Three-bed semi-detached homes in the county now cost an average of €127,500, up 24% on the December 2020 average of €102,500, the REA Average House Price Index shows.

The survey concentrates on the actual sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the second-hand property market in towns and cities countrywide.

Landlords exiting the market have accounted for almost one in four home sales over the past three months, the data shows.

At the end of 2021, average Bundoran prices stood at €130,000, an annual increase of 23.8% from €105,000 in December 2020.   

“There is a strong demand from Northern Ireland buyers for part-time residences and holiday homes,” said Roger McCarrick of REA McCarrick and Sons, Bundoran.

Prices in Milford increased by 25% during 2021 to €125,000, from €100,000 in December 2020.

“The continued shortage of properties coming to the market along with a steady demand for houses has increased prices over the year,” said Paul McElhinney of REA McElhinney, Milford.

“The effect of the mica blockwork issue has also added to the low stock situation.”

Average house prices rose by 2.24% nationally in the last three months of 2021, half the rise experienced between June and September as demand eased and the market calmed.

The price of a three-bedroomed semi-detached house across the country rose by €5,900 over the past three months to €269,963 – representing an annual increase of 13%.

Selling prices rose in commuter areas (3.34%) and the country’s large towns (2.57%) as buyers continue to move out further from the capital in anticipation of long-term remote and hybrid working situations.

The commuter area increases are treble those in Ireland’s major cities, with Dublin increasing by 1% and Cork Limerick and Galway by an average of 0.8% as agents reported a quieter quarter.

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