Donegal house prices to rise by 4% in 2021 – according to new survey

Three-bed semi-detached homes now costing an average of €102,500

Donegal house prices to rise by 4% in 2021 – according to new survey

Donegal house prices to rise by 4% in 2021

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.

Prices remained steady between September and December, the data shows, with three-bed semi-detached homes now costing an average of €102,500, up 2.5% on the December 2019 average of €100,000, the Q4 REA Average House Price Index shows.

Demand remains strong with properties taking five weeks to sell throughout the last quarter of 2020.

The price of a three-bed semi-detached house in Bundoran rose steadily throughout 2020, from an average of €100,000 in December 2019 to €105,000 by Q4 2020, a 5% increase, while time to sell remained steady at five weeks.

In Millford, the market remained steady with price of a three-bed semi-detached house unchanged at €100,000, and time taken to sell unchanged at six weeks.

“After an active third quarter, the final quarter has been relatively quiet as purchasers have been restricted in movement,” said Paul McElhinney of REA McElhinney, Milford.

“Moving into 2021, with the demand for property still evident, the market should be active again.”

The REA Average House Price 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.

Nationally, average house prices rose by almost 1.5% over the past three months in a market fuelled by a combination of record mortgage approvals and an unprecedented lack of supply, the Q4 REA Average House Price Index found.

The price of a three-bedroomed semi-detached house across the country rose by more than €3,000 over the past three months to €239,194 – an annual increase of 1.9%.

The biggest rises in Q4 came in Ireland’s secondary cities and the commuter counties – both of whom had experienced the least movement in prices over the preceding 18 months.

The price of a three-bedroomed semi-detached house in Dublin City rose by 0.6% to €431,833 during the past three months, an annual increase of 1.41%.

Cork, Limerick, Galway and Waterford cities shared a combined increase of 2.4% in the past 12 weeks with prices rising by €6,000 to an average of €262,500.

Commuter counties are now feeling the benefit of the migration towards space and home working potential, with three bed semis rising 2.2% by almost €6,000 on the Q3 figure to an average of €253,111.

Reflecting the flight to rural locations, prices in the rest of the country’s towns rose by 1.2% in 12 weeks to €165,397.

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