The sale in February 2010 of 30 apartments and one commercial unit in Sutton Court, Mitchelstown for €4.56m was the largest transaction in Cork in the last three years. There were six transactions over €1m in Cork last year, the largest being the €3.7m paid for Seamark, Glandore in July. That sale was the second most expensive in Cork in the last three years, following the Mitchelstown sale. Those sales were two of just 24 transactions over €1 million in Cork in the last three years but not surprisingly the number of seven figure sales are falling as are those priced between €500K and €750K, according to new analysis by leading property website MyHome.ie.
The number of property transactions in Cork last year rose by 23% compared to 2011. There were 2,694 house sales in the city and county in 2012 – up from the 2,073 recorded the previous year – making it the most successful of the past three years in terms of sales. The 2012 figure was also well ahead of the 2,240 sales recorded in 2010.
Most sales took place under the €250K mark, with 2,203 properties being sold. This is also where the largest growth in transactions occurred with sales in this category up around 28.2% on the 2011 figure of 1,582 and 32.5% up on the 2010 figure of 1,486.
Angela Keegan, Managing Director of MyHome.ie said the increased activity in the Cork market was a very welcome development.
“The rise in transactions is very welcome and is a sign that we are returning to a normally functioning property market. We are seeing strong demand for starter homes for first time buyers in many areas, especially well maintained 3 bed semis. These properties are in short supply in certain parts of the city and as a result prices are stabilizing there.
“Another factor is the return of small investors. We’re hearing on the ground that they are coming back to the market and buying up city centre properties in need of refurbishment in order to capitalise on rising rents and also as a long term play. Elsewhere prices are continuing to fall – if at more moderate levels – and that downward trend will not change until the wider economic picture improves,” Ms Keegan said.
In the three years from 2012 to 2010 there were 7,007 property transactions in Cork, which was almost three times ahead of second placed Limerick, which had 2,283 sales.