Situated perfectly on the shores of the Atlantic Ocean, Galway is rich in history, nestled in the rugged West coast and chock-full of Irish charm. Home to iconic historical sights such as the Spanish Arch, Lynch's Castle, and Church of St. Nicholas, Galway’s rich history is adorned with tales of medieval times. This city, celebrated as the Cultural Heart of Ireland, is famous for its vibrant lifestyle, colourful street art, and numerous festivals. Geographically, Galway offers a unique blend of city, countryside, and coastline, providing an eclectic mix that is as enchanting as it is beautiful.
Galway’s Exclusive Property Market
The current exclusive property market in Galway is stable and robust, demonstrating healthy growth over the years. The demand and supply of luxury homes and apartments in Galway are well-aligned, with a slight edge towards supply, giving potential homeowners a fantastic array to choose from. The trends suggest that Galway has remained popular due to the region's political and economic stability, ensuring your investment is safeguarded.
Closing Costs to Consider
Buying a new home in Galway involves various expenses beyond the property’s price. These include transfer tax, realtor commissions, notary fees, possible construction inspection, or legal costs. The average real estate commission, both for a buyer and a seller, in Galway tends to hover around 1.5% to 2.5%. The transfer tax on private property in Galway is currently 1%. Knowing these values beforehand will ensure no hidden charges take you by surprise.
Taxation and Insurance in Galway
In Galway, wealth tax on private ownership of a house is nil. Moreover, no tax is due on the profit made when selling a privately owned home that is used as a main residence. However, profit made when selling a privately owned home used as a second/vacation home does incur a capital gains tax of 33%. The corporate tax rate for registered companies in Galway stands at 12.5% while the personal income tax rate varies between 20% to 40%.
Prime Residential Areas
Some of the most expensive and sought-after residential areas of Galway include Taylor's Hill and Salthill. These areas are home to numerous luxury houses that offer comfort and exclusivity.
Accessibility and Communications
Galway is well-connected by road and rail, with efficient public transport systems ensuring smooth connectivity. The city of Dublin, the nearest big city, is only about 2.5 hours away. Galway is serviced by Shannon International Airport and is just an hour's drive away.
Education, Health and Infrastructure
Excellent educational institutions such as the National University of Ireland and Galway-Mayo Institute of Technology are located in Galway. The public infrastructure is well-maintained, ensuring a high quality of life. There are several hospitals in Galway including University Hospital Galway and Galway Clinic providing high-quality healthcare services.
Luxury Lifestyle and Entertainment
Galway, known for its vibrant lifestyle, offers luxury lifestyle shops, high-quality hotels like the G Hotel, renowned restaurants like Loam and entertainment venues which add to the city's grandeur. This city also hosts the Galway International Arts Festival annually which is a major cultural and historical event.
Galway's Natural Environment and Sport
Galway's natural beauty is breathtaking, with an abundance of parks, water bodies, and landscapes. Galway is often considered a haven for outdoor activities including rowing, hiking, and fishing.
In a nutshell, Galway is a vibrant, beautiful, and prosperous city with a stable real estate market that offers luxury, heritage, and a thriving lifestyle. It's an excellent choice for those looking to invest in luxury real estate.
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