PROPERTY prices are likely to continue to rise in West Cork over the coming year, a leading auctioneer and estate agent has predicted.
The Ipav 2023 second half yearly residential property price barometer released in February features the most accurate collection of information available based on actual sales recorded of property transactions.
The barometer charts prices achieved by auctioneers for three and four bedroom houses and twobedroom apartments.
Hodnett Forde Property Services played a leading part in the barometer which showed prices increases in the second half of 2023 of 2.99%, up from 2.05% in the previous six months.
With supply shortages continuing to be experienced in all regions combined with increased demand, it is likely that this trend of price increases will continue into 2024, said Andy Donoghue of Hodnett Forde.
‘On travelling through West Cork at the moment, one can see the very limited number of active developments under construction at present with the larger towns lucky to have one or two sites being worked on.
‘The introduction of the residential zoned land tax due to be implemented next year may free up more potential sites however based on current timelines, we would anticipate delays up to two years for the first stock to be ready from the planning submission stage.
‘West Cork continues to outperform most other regions in its volume of sales, however unless the delays and difficulties experienced in the supply of housing stock in both the sales and rental markets are addressed, price increases are a real probability going forward putting upward pressure on first-time buyers and trader-uppers alike.’
