It is expected that the construction sector will receive a welcome boost if two much needed housing developments one to be located in Annacotty and the other in Mungret get the green light to go ahead in 2017. Applications were made in the final two weeks of 2016 to Limerick City and County Council for 201 Homes to be built close to the South Court Hotel and another 104 houses as well as a 35 Unit three storey complex in Annacotty which is proposed to include housing provisions for the elderly and a single storey creche facility. With the escalating housing crisis in Limerick this news is being welcomed by first time buyers. Read more in the Limerick Leader
The Help to Buy Initiative which officially opened yesterday morning is being deemed a success with revenue announcing 120 applications had been received by 1pm and more applications were made in the afternoon. Applications can be made by registering on the Revenue website and going through the application process. The rebate can then be claimed on either DIRT or income tax.
It is hoped that the scheme will enable first time buyers meet the Central Bank Requirements on deposits and auctioneers and estate agents in Munster are hopeful that it will bring an increase in business to Cork and Limerick as people move to the larger cities outside Dublin to set up home as a result of rising prices and lack of availabilty in the Capital. Read more at the Journal.ie
It would appear from the final report for 2016 from Property website Daft.ie that the business of selling and letting properties outside Dublin is growing rapidly which is good news for Estate Agents and Auctioneers in Limerick, Cork, Waterford and Galway. The reason for this seems to be down to the lack of available homes for sale in Dublin and a sharp increase in the house prices of those that are currently on the market. Purchasers are being forced to move outside the capital when looking for somewhere to live. Nationally the average asking price for a house rose by 8% in 2016.
The report broken down however confirmed that Waterford experienced the biggest increase with list prices up by 14.6%. Limerick was close behind with housing prices up by 14%, Galway increased by 13% with Cork prices up by just over 9%. It is also reported that in most cases the average selling price is above the list price by as much as 7% in Connacht, 1% in Leinster and just a little over the asking price in Munster. Read more at the journal.ie
A welcome change for prospective first time property purchasers which was announced in last Octobers budget is now in place and open for applications from today. The new Help to Buy scheme will allow First-time buyers to recoup up to €20,000 in a tax refund which they can use to purchase a property.
Auctioneers and Estate agents in Dublin, Cork, and Limerick would hope to see an increase in property sales as the figure previously required for a deposit was 20% of the cost. The new more relaxed rules will result in purchases being made with a deposit as low as 5% only being required. Read more at Independent.ie
This property is now sale agreed. See details at:
With the close connection between commercial real estate and economic performance, Brexit may be a cause of concern for many with the risk of a general market slowdown. However, the possibility of Brexit relocations from London to Ireland will create demand for office space and living accommodation in Dublin especially but also in time in larger cities including Limerick. Auctioneers and Estate Agents in Limerick can look forward to requests for office accommodation over the coming months. Read more in the Irish Times
Asset Property Services and RentinLimerick.ie was established in 2008 and has a vast amount of experience in the Limerick residential property industry, endeavoring to bring efficient services to you with regard to residential sales, lettings and management, property valuations and BER assessments.
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