Property market recovery spreads to the rest of the country

The property market recovery has spread outside of the Dublin area, that’s according to a new report by property experts at the website MyHome.ie.

The study found that 29,772 in property sales were recorded in 2013, up 18pc from 25,142 in 2012. with sales rising in 25 of the 26 counties last year.

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Not surprisingly Dublin topped the list with property sales last year reaching over 10,000 transactions and €3.6bn spent.

“We were surprised to see sales rise by as much as they did in several counties, especially in the border region and Waterford which have struggled more than most since the collapse in property prices in 2007,” said MyHome.ie managing director Angela Keegan. “People are recognising that there’s value in the market and this along with pent up demand is what is driving sales.

Sales shot up in Leitrim, Cavan, Roscommon, Monaghan and Longford, even though many of these counties had sales coming off a low base.

In Leitrim, sales were up 57pc last year compared with the previous year.

Commuter belt counties Kildare, Meath, Westmeath and Wicklow all showed a strong rise in sales, as did Waterford and Carlow.

Galway was the star performer in the west, recording sales growth of 32pc.

Laois was the only county where sales fell last year, dropping by 3pc. All but six other counties were able to record double-digit growth in sales.

“However it is important to point out that the recovery is happening at a slower rate in several counties – for example in the midlands – and that the total level of transactions is still under 30,000. If the Irish property market was functioning properly we should be seeing double or treble that level of sales. So we really need to see that figure rising and the Government and the banks have key roles to play in ensuring it does.” said Ms. Keegan