WORKING from home options combined with idyllic beauty will continue to keep West Cork in high demand from househunters, Society of Chartered Surveyors Ireland (SCSI) southern region chair Majella Galvin said.
Estate agents are projecting property prices to increase nationally by 2% over the next 12 months, after SCSI released its Mid-Year Market Monitor.
‘The shift towards remote work has motivated many buyers to explore properties outside larger urban centres, as long as they have access to reliable broadband connections,’ said Ms Galvin. ‘This trend is impacting buyer preferences and contributing to the dynamics of the housing market.’
Ms Galvin noted that demand for properties in West Cork remains high from both local buyers and overseas investors, with the region’s scenic beauty, coupled with the possibility of remote work arrangements, putting in demand for individuals seeking a tranquil and idyllic lifestyle.
‘As the desire for a balanced work-life environment continues to grow, we’ve observed an increased interest in properties located in West Cork. Its captivating landscapes and serene surroundings have captured the attention of both domestic buyers and international investors, looking to establish roots in this picturesque part of Ireland,’ Galvin emphasised.
The combination of heightened demand in West Cork and other regions, along with the factors driving the projected 2% national property price increase, is set to create an intriguing landscape in the Irish property market over the next twelve months.
The report also sheds light on agents’ perspectives on current property prices, affordability scenarios, and factors influencing the property market. According to the report, six out of 10 estate agents described current residential property prices as expensive, while three out of 10 considered them to be at fair value.
The survey also highlighted that 43% of the agents believe prices are on the rise but are expected to level off in the near future.
Ms Galvin remarked: ‘The continuing moderation in the rate of price increases is welcome, as are the signs of improved affordability in some regions of the country.’
She cited supply constraints (38% of agents believe that the low level of supply will continue to support property prices), rising construction costs, and interest rate increases and economic factors as the primary reasons contributing to the projected price increase nationally.
