Last year, Cork City experienced a significant increase in the number of family homes hitting the market. This surge can be attributed to the stabilization of construction costs, which had been on the rise since 2021 due to factors such as the war in Ukraine and labor cost fluctuations. Ann O’Mahony of Sherry FitzGerald explains that people were hesitant to invest in renovation projects as they couldn’t accurately budget for the expenses. However, the situation changed in the past year, with the prices of labor and building materials settling down.
While the cost of refurbishing a house may still be high, buyers can now plan their budgets more effectively, thanks to the greater certainty in prices. The most sought-after properties in Cork City in 2023 were three to four-bedroom family houses. The buyers were typically individuals trading up, while sellers consisted of empty nesters looking to downsize or landlords.
However, the housing market in Ireland is not without its challenges. The rental market, in particular, presents a major issue, with landlords leaving the market at a higher rate than new landlords entering. This imbalance has resulted in a significant increase in rent prices, making it difficult for first-time buyers to save for a deposit. Despite the higher costs, O’Mahony highlights that paying a mortgage is generally more affordable than renting.
O’Mahony predicts that property prices in Cork City will grow by an average of 3% this year. This projection indicates a positive outlook for both buyers and sellers in the city’s housing market.
Looking beyond the housing market, Cork City offers a desirable living experience. Gillian Hennessy, the marketing manager of Triskel Arts Centre, has found her home in Ballincollig, a town located just 9 kilometers away from the city center. Hennessy appreciates how Ballincollig has managed to expand over the years without losing its charming village atmosphere. The town’s green spaces, like the Ballincollig Regional Park, provide residents with easy access to nature and recreational activities.
In addition to its natural beauty, Ballincollig boasts a wide range of amenities, including shops, cafes, and reliable transport links. The town’s proximity to Cork City allows residents to enjoy both the peacefulness of suburban living and the vibrancy of the city. With the recent improvements made to the regional park by the local councils, Ballincollig continues to offer an exceptional quality of life.
Overall, Cork City’s housing market is showing promising signs of growth, making it an attractive destination for both homebuyers and sellers. With its favorable balance of urban convenience and natural tranquility, the surrounding towns like Ballincollig provide residents with an idyllic place to call home.
FAQ section:
1. What led to the increase in the number of family homes hitting the market in Cork City?
The increase in the number of family homes hitting the market in Cork City can be attributed to the stabilization of construction costs, which had been on the rise since 2021 due to factors such as the war in Ukraine and labor cost fluctuations.
2. Why were people hesitant to invest in renovation projects previously?
People were hesitant to invest in renovation projects previously because they couldn’t accurately budget for the expenses. The prices of labor and building materials were fluctuating, making it difficult to plan budgets effectively.
3. What types of properties were most sought-after in Cork City in 2023?
The most sought-after properties in Cork City in 2023 were three to four-bedroom family houses.
4. Who were the typical buyers and sellers in the Cork City housing market?
The typical buyers in the Cork City housing market were individuals trading up, while sellers consisted of empty nesters looking to downsize or landlords.
5. What challenges does the rental market in Ireland present?
The rental market in Ireland presents a major issue, with landlords leaving the market at a higher rate than new landlords entering. This has resulted in a significant increase in rent prices, making it difficult for first-time buyers to save for a deposit.
6. Is paying a mortgage more affordable than renting?
According to Ann O’Mahony of Sherry FitzGerald, paying a mortgage is generally more affordable than renting, despite the higher costs.
7. What is the projected average property price growth in Cork City for this year?
Ann O’Mahony predicts that property prices in Cork City will grow by an average of 3% this year.
8. What is the appeal of Ballincollig as a living destination?
Ballincollig, a town located just 9 kilometers away from Cork City center, offers a desirable living experience. It has expanded over the years without losing its charming village atmosphere. The town has green spaces like the Ballincollig Regional Park and a wide range of amenities, making it an idyllic place to call home.
9. What improvements have been made to the regional park in Ballincollig?
Recent improvements made by the local councils to the Ballincollig Regional Park have further enhanced the town’s exceptional quality of life.
Definitions:
– Construction costs: The expenses associated with building or renovating a property, including labor, building materials, permits, and other related expenses.
– Stabilization: The state of becoming stable or steady, in this case, referring to the stabilization of construction costs.
– Refurbishing: Renovating or improving the condition of a house or property.
– Landlords: Individuals or companies who own and rent out properties to tenants.
– Deposit: A sum of money paid upfront by a tenant to secure a rental property, usually equivalent to a few months’ rent.
– Mortgage: A loan used to finance the purchase of a property, typically with regular repayments over a specified period.
Suggested related links:
– Sherry FitzGerald: The website of Sherry FitzGerald, mentioned in the article as a source of information.
– Cork City Council: Official website of Cork City Council for information about the city and its services.
– Ballincollig.ie: Official website of Ballincollig, providing information about the town and its amenities.