15% rise in property prices in Killarney.

Property prices in Killarney have grown by 15 per cent in 2003 according to the Irish Institute of Auctioneers and Valuers. This is expected to grow further with decentralisation. New three bedroom semi detached houses are making around a quarter of a million euro according to the IAVIS annual property survey while four bed bungalows are making up to 400,000 euro.The annual property survey focuses on the buoyancy in the Killarney property market. Demand for shop space in the town increased last year and auctioneers are reporting a three and a half per cent yield for prime retail. Two major pubs in Killarney made record prices this year bucking the trend in Munster where pub prices were down by around 8 per cent. Mc Sorleys made over 7 million euro and the granary 2.6 million.The rental market in Munster fell by two per cent but the price of sites grew by between 8 and 12 per cent. Overall the view is decentralisation will benefit the entire county as civil servants will be willing to commute to work. As a result the report says house prices in Kerry will show steady rather than spectacular growth.

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