West Cork Property – A Flock to the Peninsulas?
One of the reasons why the West Cork property scene sustains itself through thick and thin is because we have here a lot of peninsulas and islands.
“So what”, I hear you say – or at least sense that you are saying. Well, the reason that this point is relevant is because islands and peninsulas are officially known to be among the best properties to hold their own value. An offshore island property is the dream home of many and the reality for only the rare few that can afford it. Its very uniqueness gives it its value and it’s a commodity that will be sought after for ever more. When it comes to application of the laws of supply and demand, island properties are never going to increase in supply, so the demand will be, at the very least, constant. Therefore, the price of island properties cannot decrease. Q.E.D.
When it comes to peninsula properties, the same is true but to a lesser extent. Obviously, the uniqueness of the property is lessened by the fact that the houses are on the mainland. On a peninsula, supply may, and in fact, probably will, increase – but not by much. Not by much at all, because planning restrictions are getting tighter, with the exception of developments in hamlets or villages. So it is the nice site in the countryside on a peninsula that will stand as a property type that is in short supply, whose supply is limited, in other words. And if the supply is limited, then the demand/supply ratio is always going to be high, thus ensuring the continued value of the property in question.
There was an article in a recent edition of the Irish version of the Sunday Times all about this phenomenon and West Cork property was mentioned as one of the best examples.
