PROPERTY prices in coastal areas of West Cork have risen by up to 34% since the pandemic – and Schull is emerging as a particular favourite location.
A report from property site Daft.ie says that three-bed houses on the Irish coast are now an average 23% more expensive than before Covid-19 hit.
This compares to a national average increase of just 8.7% in the same period.
One fifth of coastal properties are selling for more than 10% of the asking value – twice the national average.
The report said a 34% price hike occurred in Schull, while prices were also up in Kilmore Quay in Wexford (54.2%), Dunmore East in Waterford (51%), Lahinch in Clare (39%) and Renvyle/Letterfrack in Galway (39%).
The pandemic has seen many people rethink their lifestyles and relocate from cities and overseas to all areas of West Cork which has impacted prices and availability of stock.
Local estate agents agreed there was an uplift of interest in Schull and the wider area, but said they’d put the village’s price hike closer to 20%.
Colm Cleary of James Lyons O’Keeffe estate agents said Schull properties were definitely being snapped up faster, as people were looking for boltholes, but there were also many looking to settle in the area.
Estate agent Maeve McCarthy said much of the recent surge in interest was coming from people who had connections to the area.
Both auctioneers agreed the most pressing current issue is lack of supply.
‘We currently have around 23 properties listed, with more coming on stream, but before the pandemic that would have been 65/70,’ said Colm.
Maeve said that property in Baltimore was in especially short supply.
‘Anything coming on that is in any way attractive is going straight away, and mainly to those from West Cork, or with an affinity to here,’ she said.
For example, she sold a house overlooking Broadstrand in an online auction this week to a West Cork native, based in London, who had never even seen the property. It was guiding at €350,000 and sold for €385,000.