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Kerry property prices rise by €10,000 

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Property prices in Kerry have mirrored the national trend by rising during the quarter, according to the latest MyHome.ie Property Report.

The report for Q2 2022, in association with Davy, shows that the median asking price for a property in the county is now €225,000. This means prices have risen by €5,000 compared with this time last year.

Asking prices for a 3-bed semi-detached house in the county rose by €10,000 over the quarter to €195,000. This means that prices in the segment have risen by €15,000 compared to this time last year.

Meanwhile, the asking price for a 4-bed semi-detached house in Kerry fell by €2,500 over the quarter to €210,000. This price is flat compared to this time last year.

There were 338 properties for sale in Kerry at the end of Q2 2022 – a decrease of 3% over the quarter.

The average time for a property to go sale agreed in the county after being placed up for sale now stands at nearly six months.

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The author of the report, Conall MacCoille, Chief Economist at Davy, said that 2022 should be a year of two halves, with price inflation slowing down in the second half of the year.

“Double-digit inflation and sharp price gains are set to give way to greater concerns on affordability, the economic outlook and the impact of the ECB raising interest rates.”

He said that even though the slowdown has been marginal this quarter, anecdotal evidence from estate agents suggests that the momentum driving asking price inflation earlier in the year, is starting to slow.

“However, we are unlikely to see a repeat of the Celtic tiger era - as mortgage lending rules have kept the market in check. The expected rise in interest rates from the ECB, while notable, will also not have the same negative effect given the Irish market is well insulated at present.”

He said, however, that demand was still exceptionally intense, with the average time to sale agreed falling to a fresh record low of 2.6 months.

He added that average mortgage approval rate was now €283,700 – which is above Celtic tiger levels for the first time – but that the excess demand in the market meant that effectively 20% of homebuyers with mortgage approval are currently failing to secure a property each year.

“The possibility of a modest fall in Irish house prices can’t be ruled out, correcting some of the froth built-up since the beginning of the pandemic. However, double-digit declines or a repeat of the Celtic Tiger era housing crash seems very unlikely. This is because the Central Bank of Ireland (CBI) rules have stopped homebuyers taking on too much debt.”

Joanne Geary, Managing Director of MyHome.ie, said: “It is now clear that our prediction in the Q1 2022 Property Price Report, that price inflation would slow down, has been proven correct.”

She noted that rising stock levels were a cause for optimism.

“It is encouraging to see stock levels and new listings rise this quarter, albeit from a low base. However, even though we have seen somewhat of a correction, demand is still far outstripping supply and this imbalance needs to be rectified in order for normality to return to the market.”

 

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Killarney hotels are still open for business

By Sean Moriarty Only a few of the town’s 37 hotels are homing displaced people – according to Bernadette Randles, chair of the Kerry branch of the Irish Hotel Federation. […]

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By Sean Moriarty

Only a few of the town’s 37 hotels are homing displaced people – according to Bernadette Randles, chair of the Kerry branch of the Irish Hotel Federation.

This week she said that there’s still accommodation to be found in Killarney for visitors.

She was speaking in relation to the current accommodation situation facing International Protection Applicants and Ukrainian war refugees.

She explained that there is a perception that Killarney has taken in too many refugees and that it is putting the tourism industry at risk as people are starting to think that the town is at full capacity.

“If you can’t get a room in Killarney there is something wrong,” she said. “Maybe with the exception of New Year’s Eve.”

She added that hotels that are providing emergency accommodation are helping off-season unemployment.

Many hotels remain in survival mode after two years of pandemic turmoil and the additional off season business is important, she explained.

“Many could be closed at this time of the year, others would not be operating at full capacity,” she added.

However, she warned the Government needs to put a plan in place before the tourism season starts next year. Some hotels offering emergency accommodation either have a three or six month contract.

“I can see there will be tears next April – the Government must have a long-term plan,” she said.

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Homing refugees worth almost €14m

By Sean Moriarty Hotels, B&Bs and other accommodation suppliers in the Killarney area have secured contracts in excess of €13 million to accommodate Ukraine war refugees. The Department of Children, […]

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By Sean Moriarty

Hotels, B&Bs and other accommodation suppliers in the Killarney area have secured contracts in excess of €13 million to accommodate Ukraine war refugees.

The Department of Children, Equality, Disability, Integration and Youth released figures to the Killarney Advertiser.

Documents show that contracts totalling €13,852,255.00 are being shared between 13 premises in the Killarney urban area.

However, the department warned these figures are “indicative” only and the full value of the contracts depends on “occupancy and actual usage”.

The Eviston Hotel has secured a contract worth €5,727,590.00, the Innisfallen Hotel in Fossa for €2,404,620.00 and The Hotel Killarney signed a deal worth €1,701,000.00. These are the three biggest contracts published in the documentation.

This is only the tip of the iceberg, and Department officials say more contracts could come on stream. Figures seen by the Killarney Advertiser only cover contracted premises up to the end of September this year and updated figures are only released every three months.

“We are in contract with far more, but the formal exchange of contracts can take place sometime after the service commences,” a department spokesperson told the Killarney Advertiser.

“The Department of Children, Equality, Disability, Integration and Youth is obliged to publish a list of contracts formally signed off each quarter that have been awarded under a special EU Derogation that permits the Department to enter into contracts in the context of the Ukraine accommodation crisis without going to formal tender.

“The values of the contracts shown are estimates; the actual value materialises upon occupancy and actual usage. Standard contracts have no-fault break clauses available to both parties so again, the figures are indicative rather than actual.”

These figures only cover Ukrainian refugees fleeing the war and do not include International Protection Applicants.

The Department refused to release International Protection Applicant figures to the Killarney Advertiser.

“The International Protection Applicant accommodation contract information is commercially sensitive information and is not available,” added the Department spokesperson.

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