Kinsale Property Prices Off the Scale

Kinsale property prices hit new high

The news that a single property on the Higher Road, Kinsale, looks set to shatter existing records for the sale of a house at €6.5 million has once again raised the issue of the growing divide in the town's property market.

Indeed, another new development on the Bandon Road, described as an exclusive development, with each individual home costing a cool €1 million, has again highlighted a property market that is out of reach for many hoping to get onto the property ladder.

Now consistently appearing on the CSO's list of the most expensive towns in which to buy a home, some of the quoted prices are simply beyond the reach of many people seeking to put a roof over their heads.

According to HousePrice.ie, the average property price in Kinsale is roughly €410,000 to €590,000, varying by the type of home. Detached houses cost around €770,000, while semi-detached homes average €600,000.

Terraced houses and apartments range from €290,000 to €490,000.

According to the Central Statistics Office (CSO), the average weekly earnings in the industry sector were €1,276.55, a figure calculated before tax, suggesting an annual pre-tax income of €66,380.

Such figures suggest that most people are far off the mark when it comes to meeting the criteria for buying a home, or even renting one.

The figures for those working in the service industry and hospitality sector are even more startling, with the CSO suggesting much lower average earnings for workers in those industries.

According to the CSO, employees in the Accommodation and Food Services sector earn an average of €490.85 per week.

While progress has been made in providing social and affordable homes in the town, it is hoped that the development of 'Island Field' near the hospital will provide much-needed homes for individuals living on their own, a cohort of society that is often left on the margins.

Many will, of course, be disappointed that the Government parties and Independent Ireland have pursued a policy of not addressing the issue of short-term letting in recent legislation, with the Social Democrats among the few parties to question the Government's upcoming legislation to regulate the sector.

Despite promises by Simon Harris and Micheál Martin to address the issue of short-term letting in towns such as Kinsale, the new regulations will apply only to towns with populations of more than 20,000.

The issue of rising property prices, driven by homes being bought by the highest bidder and further inflating an already expensive market, looks set to continue