West Cork has always been a popular destination for people moving to Ireland
The Average price of a new home: €242,000
Average price of a second-hand home: €266,000
Predicted change to Jan 2012: down 5%
Renowned for its gourmet restaurants and tourist spots, west Co Cork has enjoyed some of the highest property prices in rural Ireland for decades. However, prices dropped by about 15% last year and are expected to tumble by a further 5% this year.
Despite the fact that there is real value to be found now in this tourist hot-spot, almost 100% of sales last year were made by owner-occupiers. This year should see renewed interest from investors, as the price of holiday homes has fallen by 25% in the past year alone. There was an increase in the number of inquiries from Britain and it is hoped that this will continue now that the stamp duty rate has been slashed.
The demand from overseas buyers should mean the west Cork market bottoms out quicker than most areas. But for there to be any meaningful increase in activity, buyers will want to see evidence that the market is in recovery.
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