*Diarmuid McMahon. Photograph: Tom Micks
A SHERRY FITZGERALD economist has said the property market in Clare is in urgent need of an injection of supply.
Speaking at the Sherry Fitzgerald Property Market Breakfast seminar at the Old Ground Hotel on Tuesday morning, economist Jane Dunne-Terry and local agent Diarmuid McMahon delivered a review of the local property market.
Diarmuid, a fourth generation owner of the Ennis estate agents, told the audience that restrictions in Clare around the First Home Scheme are a major contributor to the slow pace of new-builds in the county.
In Co Clare, buyers can only avail of the scheme on new-builds coming in at a cost of under €350,000, a factor which Diarmuid believes is dictating the slow pace of new homes being delivered in the county.
Just one third of new homes being built are coming to the private market while in 2023, only 400 new homes were delivered in the county which is 80 per cent less than in 2006 at the peak of the market.
Ms Dunne-Terry also revealed that the number of second hand homes for sale in Clare is down 59 per cent compared to 2020. Over the last year, Co Clare has experienced an almost seven per cent increase in price growth in the second-hand market, with Jane noting, “supply is the only way to fix the problems”.
McMahon stressed that the environmental agenda will be one of the biggest factors in the property market in the next 20 years, while being critical of planning restrictions in Ireland which are “unable to keep up with the potential demands” of the market.
A successful urban centre is required in Ennis for the county to thrive, he added.
Acknowledging the “spirited debate” brought on by Ennis 2040 projects, the Ennis native noted, “If we listen to each other we have a very bright future in the town”.
In attendance at the seminar included President of Ennis Chamber, Shiela Clancy of Cashin Clancy Solicitors, who introduced the speakers; Cllr Mary Howard (FG) and Cllr Clare Colleran Molloy (FF), Director of Ennis 2040 Kevin Corrigan and Carmel Kirby, Director of Economic Development at Clare County Council, along with a number of local business people.
