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Irish Property Market Recovery?

There is no doubt that the Irish property market seems to have turned a corner. Prices have stopped falling and interest has definitely picked up, However, I feel I have to manage vendors expectations by saying that we are coming off a low base, where prices fell by 50% from 2007 peak. So any return to the days of the Celtic Tiger are still a long way off. Yes, prices are increasing, but this is mainly in the urban markets, fuelled by pendant up demand and lack of supply.

The beauty of West Cork is that it is not built up and people want to live here rather than need to live here, so purchasers do not feel that same sense of urgency when buying property. There is no doubt that any property that is good value is moving at a sharp pace but if the property market as a whole decides that a property is overpriced considering current market conditions it is a much more difficult sell and usually involves a sit down between agent and vendor to revise pricing strategy before any positive movement happens.

To surmise, houses are selling, but at market level prices. So if you are listening to the radio and all the noise of property prices increasing, please take it with a pinch of salt.

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