A Major new study of the housing market in County Mayo by Westport Estate Agents Tuohy O’Toole, has confirmed that the property market in all areas of County Mayo has improved over the last 12-18 months. The amount of sales has increased by 20% last year and the overall value of the residential property market is now in excess of €136m making it one of the largest sectors in the County. The market has grown by 300% since 2010.The market in County Mayo is the second best performing within Connaught after County Galway.
Property prices also appear to be rising with the mean price of a property in County Mayo during 2015 at €108,000 which was an increase of 10.2% on 2014. However, prices remain far below their peak values and it may take several years for a full recovery across the market.
However, the study revealed that the recovery of the housing market is not consistent with wide variations of the overall performance. In all, the eight largest towns of County Mayo were surveyed and the reports highlights that many of the smaller towns have a seen a far weaker recovery than the larger towns. This possibly highlights their smaller populations and lack of employment opportunities which will attract buyers.
Westport remains the most buoyant market with property sales from Westport alone accounting for 20% of the entire sales across County Mayo. Mean selling prices are also 70% higher than the County Average.
Supply issues are emerging across some location of County Mayo. Some locations appears to be over supplied whilst others appears grossly under supplied.
Commenting on the report, Gerard O’Toole of Tuohy O’Toole says, “the report is the most comprehensive study of the property market ever to have been prepared in County Mayo and confirms that following a long and protracted downturn, the sector is now in a recovery phase. Although there are real issues remaining in the market, renewed confidence has lead to increased demand and with restricted supply, we expect to see the recovery leading to further price growth in the short to medium term”.
For further information contact
Tuohy O’Toole, The Mall, Westport, Co. Mayo
To read the report in full please click on the link below.