20% rise in value of properties sold in Co Cork in 2018

05 February 2019

Publication: Irish Examiner
Author: Seán McCárthaigh

There was a slight increase in activity in the residential property market in Cork last year, with the total number of houses and apartment sales up 1.4%.

However, the total value of all properties sold in the county in 2018 rose by 20% to €1.6bn — up from €1.34bn the previous year — in a reflection of rising housing prices across Ireland.

The median price of all homes sold in Cork city and county increased by 12.2%, from €205,000 in 2017 to €230,000 last year.

An analysis of the Residential Property Price Register shows that a total of 5,646 homes in Cork were sold at full market price during 2018 — an annual increase of 79 transactions. 

The final total may increase slightly due to a number of late filings.

The increase was driven by an increase in the number of new houses and apartments sold last year, while the second-hand property market remained effectively static.

Sales of 928 new homes were recorded in 2018 compared to 840 the previous year.

Average prices paid for new properties in Cork last year was considerably higher than those paid for second-hand homes in the county, due to the concentration of new developments in Cork city and suburbs including Ballincollig and Carrigaline.

The median price of all new houses and apartments sold in 2018 was €329,075 compared to €214,000 for second-hand properties.

The corresponding figures in 2017 respectively were €265,975 and €199,000.

The most expensive residential property sold in Cork last year was the residential element of the 17-storey Elysian Tower in Cork.

Kennedy Wilson, an international real estate firm, paid €67.7m for the 206 apartments in the mixed-use development, which also contains 67,500 sq ft of retail and office space and more than 550 parking spaces in a deal which totalled €87.5m.

Cork developer Michael O’Flynn spent €100m building the landmark tower block which was completed in 2008 just before the collapse of the property market.

The second-largest property deal was the sale of 120 out of the 188 housing units in the Quadrants, another mixed-use development in Ballincollig, which was also built by O’Flynn Construction, for €21.4m.

One of the most valuable individual property transactions was a house at Scilly Hill in Kinsale which sold for €2.55m.

CSO figures show that buyers who were either trading up or down accounted for 44% of all residential property sales in Cork last year.

First-time buyers bought 27% of all properties sold while investors, including institutional investors, accounted for 29% of the total.