MORE than 5,300 homes were sold in Cork last year, new figures have revealed.
The Cork property market remained relatively stable in 2016 with the volume of sales falling by just 1.3% – 5,322 sales in 2016 versus 5,394 in 2016.
The total value of sales increased by 0.5%, to over €1.1bn, according to the research by MyHome.ie.
Nationally, the number of transactions fell by 4% to 47,175 but the total value of sales actually increased by 7.4% to over €11.5bn.
After Dublin, Cork had the highest number of property sales, accounting for 11% of all transactions in the country in 2016.
The Managing Director of MyHome.ie, Angela Keegan, said the figures reflected the two main trends in the Irish property market, namely lack of supply and rising prices.
“While the news is relatively positive for Cork, Waterford, Tipperary and other counties such as Sligo and the midlands, the fact remains that the number of sales has declined in the vast majority of counties. Galway is down nearly 13%, Kilkenny is down 12% and Mayo is down 11%. It’s the same in Limerick which is down over 9% while Donegal is down 8%.”
“We have approximately two million properties in Ireland and in a normal market around 4% or 80,000 of these would be changing hands each year. As this analysis shows we are a long way short of that.
"At the moment there are 18,900 residential properties for sale on MyHome.ie, this is 12% down on this time last year when there were 21,410 properties for sale. Clearly, it is going to take some for the property market to return to equilibrium."