Property & Planning

Week of 2026-W06

Irish Property Market Intelligence | Business Post

Irish Property Market Intelligence

Transactions, Planning & Market Trends — February 2026

Source: PROPERTY | Period: 2026-02-05 to 2026-02-11

Monthly | 5–11 February 2026

759 Transactions, a €11.6m Galway Bulk Deal, and 222 Planning Applications: Ireland's Property Market Signals a Busy Spring

The week of 5–11 February 2026 registered 3 property transactions on the Property Price Register, with a combined value exceeding €301 million — a market that is active, geographically concentrated, and increasingly shaped by institutional bulk purchases. The standout transaction: 32 new apartments on Dublin Road, Galway, sold for €11.6 million in a single VAT-exclusive deal, the largest single residential transaction registered in the period and a clear signal of continued institutional appetite for new-build stock outside the capital. Meanwhile, 0 planning applications were received across the country, proposing 162 new residential units — with a 55-unit scheme in Cavan Town and a 41-unit scheme in Clonmel leading the regional supply push.

Transactions Registered

€301m+

Total Transaction Value

Planning Applications

162

New Residential Units Proposed

€344k

National Median Price

By the Numbers

Metric	Value	Signal
Total transactions registered	3	Active
National median price	€344,313	Stable
National average price	€389,503	Above median
Transactions over €1m	25	Premium active
Dublin median price	€475,000	38% above national
Galway avg price (incl. bulk)	€698,759	Bulk-skewed
Kilkenny avg price	€176,008	Most affordable
Planning applications received	0	Normal

  Business Post AI Pick: The Galway Bulk Signal
  The single largest transaction of the period — 32 new apartments at Goirtín Murrough, Dublin Road, Galway, sold for €11,596,998 VAT-exclusive — averages €362,406 per unit. That price point, below the Dublin median, suggests an institutional buyer acquiring at a discount to retail. Bulk purchases of this scale in regional cities are a structural feature of Ireland's housing market: they deliver capital to developers but remove units from the owner-occupier pool. Watch for the buyer's identity to emerge in subsequent Land Registry filings.

Pattern of the Week: Dublin Dominates, But the Regions Are Moving Dublin accounted for 235 of 3 transactions — 30% of national volume — but the week's most interesting activity was outside the capital. Galway's transaction count doubled week-on-week (35 vs 19 prior week), Kildare's volume more than doubled (46 vs 18), and Limerick nearly tripled (28 vs 10). This is not a Dublin story; it is a national market accelerating into spring.

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The Investigation: Where the Money Moved

A deeper look at the 3 transactions registered in the week of 5–11 February 2026 reveals a market with a clear premium tier, a dominant Dublin core, and a Galway outlier that reshapes the national average. Of the 777 individual transaction records, 698 were residential and 79 commercial — with residential averaging €424,041 against a commercial average of just €69,228, reflecting the commercial category's inclusion of small retail and office leases. The 25 transactions above €1 million — concentrated in Dublin's southside and Wicklow — represent 3.2% of volume but a disproportionate share of total value.

Top Transactions Registered — 5–11 February 2026

Address	County	Price	Type	Signal
1–32 Goirtín Murrough, Dublin Road	Galway	€11,596,998	New / VAT excl.	Bulk institutional
2 Balure Lane, Church Road, Killiney	Dublin	€2,200,000	Second-hand	Premium southside
Balfour, Ferndale Rd, Rathmichael	Dublin	€1,680,000	Second-hand	D18 premium
Patrickswell House, Finglas	Dublin	€1,575,000	Second-hand	D11 notable
Apartments 1–7, Nelson Street, Athy	Kildare	€1,550,000	Second-hand	Block sale
7 Grove Paddock, Blackrock	Dublin	€1,550,000	Second-hand	A94 premium
19 Burdett Ave, Sandycove	Dublin	€1,420,000	Second-hand	A96 premium
10 Durham Rd, Sandymount, D4	Dublin	€1,350,000	Second-hand	D04 premium
San Salvador, Ennis Lane, Windgates	Wicklow	€1,305,000	Second-hand	A63 coastal
Unit D1, Airport Business Park, Swords	Dublin	€1,226,460	Commercial lease 10yr	Industrial/logistics

Stress Signal: Athy Apartment Block Sale Seven apartments at Nelson Street, Athy (R14 FV09) sold as a single lot for €1,550,000 — averaging €221,429 per unit. This is a classic distressed or investor-exit block sale: individual units in a provincial town sold en bloc at a discount to retail value. Athy's median residential price is well below the Kildare county average of €400,881, suggesting these units were priced to clear rather than to maximise. Watch for rental listings to follow.

Standout: Swords Logistics Lease Signals Industrial Demand A 10-year commercial lease at Unit D1, Airport Business Park, Swords, registered at €1,226,460 annual rent — implying a total lease commitment of over €12.2 million. Airport-adjacent logistics space at this rent level reflects sustained demand from e-commerce and air freight operators. The Swords/Cloghran corridor continues to attract long-term industrial tenants.

County Price Tracker: Current vs Previous Period

Transaction volumes surged across most counties in the week of 5–11 February compared to the prior week (29 January–4 February). Dublin more than doubled in volume (235 vs 113), Kildare more than doubled (46 vs 18), and Galway nearly doubled (35 vs 19). This is a seasonal acceleration typical of early February as the post-Christmas market restarts — but the scale of the jump is notable. Galway's average price is heavily distorted by the €11.6m bulk deal; its median of €374,449 is a more reliable guide to the underlying market.

County	Median (Current)	Avg (Current)	Txns (Current)	Txns (Previous)	Volume Change
Dublin	€475,000	€545,431	235	113	+108%
Cork	€313,000	€316,979	85	43	+98%
Kildare	€400,881	€418,260	46	18	+156%
Galway	€374,449	€698,759*	35	19	+84%
Meath	€357,500	€390,456	26	24	+8%
Wicklow	€411,751	€401,117	26	12	+117%
Limerick	€285,000	€242,339	28	10	+180%
Wexford	€288,827	€300,355	28	—	New entry

*Galway average heavily skewed by €11.6m bulk apartment transaction. Median of €374,449 is more representative.

  Construction Watch: Planning Pipeline Signals Regional Supply
  The 222 planning applications received in the period proposed 162 new residential units across Ireland. Donegal led by application count (24), followed by Meath (23) and Kildare (19) — but the largest individual schemes were in Cavan (55 units) and Clonmel (41 units). The concentration of large schemes in secondary towns reflects both land availability and the planning system's gradual shift toward regional delivery. Of 222 applications, 151 were for full permission and 43 for retention — the latter a persistent feature of rural Ireland's relationship with planning compliance.

Largest Planning Applications — 5–11 February 2026

Application No.	Location	Authority	Units	Type	Decision Due
2660058	Gortnakesh, Fort Village, Cavan Town (H12 WD35)	Cavan County Council	55	Permission	7 Apr 2026
2660105	Thomas Street, Clonmel, Co. Tipperary (E91 TY81)	Tipperary County Council	41	Permission	7 Apr 2026
2660087	Mitchel Street, Thurles, Co. Tipperary (E41 VX75)	Tipperary County Council	8	Permission	1 Apr 2026
2660099	James's Lane, Newbridge, Co. Kildare	Kildare County Council	1	Permission	2 Apr 2026
2660051	Lahinch Road, Ennis, Co. Clare (V95 X2X3)	Clare County Council	1	Permission	1 Apr 2026

View All 3 Transactions →

View Planning Applications →

The Connections: What the Data Alone Cannot Tell You

The raw transaction and planning data for 5–11 February 2026 tells one story; the cross-index picture tells another. A €11.6 million bulk apartment purchase in Galway, a developer registering a new Sandyford company on the same day the Business Post reported his €94 million windfall, a planning challenge in Rathmines decided by the High Court — these are not isolated data points. They are threads in a single narrative about who is building Ireland, who is buying it, and who is contesting it in court.

Galway's Bulk Market: Institutional Capital Moves West The €11,596,998 transaction at Goirtín Murrough, Dublin Road, Galway — 32 new apartments sold in a single VAT-exclusive deal — is the clearest signal yet that institutional capital is no longer exclusively a Dublin phenomenon. At €362,406 per unit (VAT exclusive), the buyer acquired at a price that leaves room for a rental yield above 5% at current Galway rents. Galway's transaction count nearly doubled week-on-week (35 vs 19 prior week), and its total transaction value of €24.5 million for the period exceeded Kildare (€19.2m) despite fewer transactions — entirely because of this one deal. The question for the Galway market: does this bulk purchase represent a one-off or the beginning of a pattern of institutional accumulation in Ireland's third city?

The Mounsey Network: A Developer Expands While the Press Reports His Windfall On 28 February 2026, the Business Post reported that developer Liam Mounsey's Golden Port Estates Limited had booked €94.2 million in residential sales in 2024, generating an operating profit of €20.1 million from the final phase of a 393-home project on the Naas Road in Dublin 12. The article, by Killian Woods in the Business Post, noted that Mounsey's parent company Northport Investments Limited reported combined revenues of €100 million and an after-tax profit of €14.4 million. What the article did not report: on 11 February 2026 — the final day of this newsletter's reporting period — Mounsey registered a new company, Rycroft Realty Sandyford Limited, at Ardee House, Blanchardstown. CRO records show Mounsey now directs at least ten active companies from that address, including Rycroft Homes Limited, Coastal Bridge, Straway, Raspolim, and Coastal Carriers. The Sandyford registration — in a premium Dublin 18 market — suggests the next development phase is already in motion. Watch for planning applications in the Sandyford/Leopardstown corridor in the coming months.

The Athy Block Sale: Provincial Investor Exit in Progress Seven apartments at Nelson Street, Athy, Kildare (R14 FV09) sold as a single lot for €1,550,000 — €221,429 per unit. This is a textbook investor-exit block sale: a landlord or fund disposing of a provincial apartment portfolio at a price that reflects the difficulty of selling individual units in a secondary market. Athy sits in the commuter belt but lacks the liquidity of Naas or Newbridge. The sale price is 45% below the Kildare county average of €400,881 per transaction. For context, Kildare's transaction volume more than doubled week-on-week (46 vs 18), suggesting the broader county market is healthy — but Athy specifically is a market where investors are exiting, not entering.

Regional Planning: Cavan and Tipperary Lead the Supply Push The two largest planning applications of the period — 55 units in Cavan Town and 41 units in Clonmel — are both in counties that rarely feature in national housing headlines. Cavan's 55-unit scheme at Gortnakesh (H12 WD35) proposes a mix of two, three, and four-bedroom semi-detached houses and bungalows on a 3.19-hectare site, with a Natura Impact Statement required — a signal that the site is near a protected habitat. Tipperary's Clonmel application (E91 TY81) is a modification to an existing 41-unit permission, adjusting floor levels and drainage. Together, these two applications account for 59% of all residential units proposed in the period. The planning pipeline is national, not just metropolitan.

The Radar: Three Signals Worth Watching

New Real Estate PLCs and SPVs: A Structural Formation Wave The week of 5–11 February 2026 saw a cluster of new real estate entities registered at the CRO. Roura and Associates Real Estate Investments PLC (registered 12 February, €1m authorised capital, Cork address) is an unusual formation — PLCs in Irish real estate are rare outside REITs. Goleen Seine Property SPV Limited (registered 19 February, €1m authorised capital, Goleen, Cork) is a classic special purpose vehicle for a single asset acquisition. Port Road K Limited (registered 13 February, development of building projects NACE, Palmerston Road Dublin 6) suggests a specific road-named development project. Three new real estate entities with capital commitments in a single week is a structural signal: developers are capitalising new vehicles ahead of spring planning submissions. Watch for planning applications from these entities in Q2 2026.

Retention Applications: Rural Ireland's Planning Compliance Gap Of 222 planning applications received in the period, 43 were retention applications — 19% of the total. Retention permission is sought when development has already occurred without planning consent. The geographic spread is telling: Galway County Council, Laois, Offaly, and Donegal all feature prominently. This is not a new phenomenon, but its persistence — nearly one in five applications seeking to regularise existing development — reflects a structural gap between rural building activity and formal planning compliance. Watch for An Bord Pleanála enforcement trends in these counties over the coming quarters.

Sandymount and Sandycove: Dublin's D04/A96 Premium Corridor Holds Three transactions in the D04/A96 eircode corridor — 10 Durham Road Sandymount (€1,350,000), 19 Burdett Avenue Sandycove (€1,420,000), and 2 Balure Lane Killiney (€2,200,000) — confirm that Dublin's premium southside coastal corridor remains the most resilient segment of the Irish residential market. All three are second-hand properties, suggesting owner-occupier demand rather than investor activity. The D04 and A96 eircode prefixes consistently produce the highest per-unit prices in the country. Watch for whether this corridor maintains its premium as interest rate expectations shift in H1 2026.

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The Deep Dive: One Developer, Ten Companies, and a New Sandyford Bet

This month's deep dive focuses on one developer whose activity this week connects the property register, the Business Post, and the Companies Registration Office in a single, revealing thread. Liam Mounsey and his Northport Investments group represent one of the most active residential development networks in the greater Dublin area — and the registration of a new Sandyford company on 11 February 2026 suggests the next chapter is already being written.

Liam Mounsey / Northport Investments — The Empire Behind the Windfall

Liam Mounsey, based at 17 Old Kilmainham Village, Dublin 8, is the director and 94% shareholder of Northport Investments Limited — the holding company for one of Ireland's most active mid-market residential development groups. The group's flagship operating company, Golden Port Estates Limited (CRO 636303, registered October 2018), delivered the final phase of a 393-home project on the Naas Road in Dublin 12 in 2024, generating €94.2 million in residential sales. The Business Post reported on 28 February 2026 that this produced an operating profit of €20.1 million and an after-tax profit of €15.1 million — a margin of 16% on revenue, healthy for Irish residential development. The group's combined revenues across all entities reached €100 million in 2024, with €14.4 million after-tax profit.

Metric	2024	Notes
Golden Port Estates — Revenue	€94.2m	Final phase 393-home Naas Road project
Golden Port Estates — Operating Profit	€20.1m	21.3% operating margin
Golden Port Estates — After-Tax Profit	€15.1m	16% net margin
Northport Investments — Combined Revenue	€100m	Includes shipping business (€5.7m)
Northport Investments — After-Tax Profit	€14.4m	14.4% net margin
Mounsey's stake in Northport	94%	Controlling shareholder
Active CRO companies in group	10+	All at Ardee House, Blanchardstown
New company registered (Feb 11 2026)	1	Rycroft Realty Sandyford Limited (808281)

Reading Between the Lines: The Sandyford Signal The registration of Rycroft Realty Sandyford Limited on 11 February 2026 — the same week the Business Post reported Mounsey's €94 million windfall — is not coincidental timing. Developers register new companies when they have a specific site or project in mind. The Sandyford/Leopardstown corridor (D18 eircode) is one of Dublin's most active development zones, with significant apartment and mixed-use activity. Mounsey already operates Rycroft Homes Limited (registered 2017) for residential development; a separate Sandyford entity suggests a distinct project with its own capital structure. The group's pattern — naming companies after specific locations or projects — means this registration is a planning application waiting to happen. The 2025 accounts for Golden Port Estates will be the real test of whether the group can replicate its 2024 performance without the Naas Road project to anchor revenues.

The question for 2026: With the 393-home Naas Road project complete, where does Northport's next major revenue stream come from? The Sandyford registration, combined with the group's existing Rycroft Homes pipeline, suggests the answer is Dublin 18 — but the planning and construction timeline means revenues are 18–24 months away at minimum.

Key People This Period

Name	Role	Notable Activity	Connections
Liam Mounsey	Developer / Director	Registered Rycroft Realty Sandyford Ltd (Feb 11); BP reports €94.2m sales in 2024	Golden Port Estates, Northport Investments, Rycroft Homes
Liam Mounsey	Director, Northport Investments	94% shareholder; €100m combined group revenue 2024	Northport Investments (593740)
Mr Justice Nolan	High Court Judge	Delivered Protect Kenilworth Square v Dublin City Council (Feb 18)	Planning exemption — sports pitch, Rathmines/Ranelagh
Mr Justice Holland	High Court Judge	Delivered Friends of the Irish Environment v Uisce Éireann (Feb 26)	Environmental/water infrastructure challenge
Martin Joyce	Applicant, Kenilworth Square case	Co-applicant in Protect Kenilworth Square challenge to Dublin City Council	Protect Kenilworth Square residents group

One to Watch: Roura and Associates Real Estate Investments PLC

Roura and Associates Real Estate Investments Public Limited Company

CRO No. 808414 | Registered: 12 February 2026 | Unit 3D North Point House, North Point Business Park, New Mallow Road, Cork | NACE: Renting and operating of own or leased real estate

Metric	Value
Company Type	PLC — Public Limited Company
Authorised Capital	€1,000,000
Issued Capital	€25,000
Registration Date	12 February 2026
Address	Cork (North Point Business Park)
NACE Sector	Renting and operating of own or leased real estate

What they do: Roura and Associates Real Estate Investments PLC is a newly registered public limited company in the real estate rental and operating sector, based at a Cork business park address. The PLC structure — unusual for a new Irish real estate entity — suggests either a plan to raise capital from the public or a structure designed to facilitate institutional investment. The €1 million authorised capital with only €25,000 issued is a typical formation structure, leaving room for future capital raises.

Why it matters: PLCs in Irish real estate outside the REIT structure are rare. Most property developers and investors use private limited companies or DACs. The choice of PLC status at formation — rather than converting later — suggests the founders have a specific capital-raising or listing strategy in mind. The Cork address (North Point Business Park, New Mallow Road) is a commercial hub used by several financial services and property entities. This is a company to track: if it files a prospectus or seeks a market listing in the next 12–18 months, it will be a significant new entrant to the Irish property investment market.

The number that matters: €1,000,000 authorised capital — the maximum the company can raise without a further shareholder resolution. For a PLC in real estate, this is a floor, not a ceiling. Watch for capital increases and director appointments in the coming months.

The Broader Picture

The Companies Registration Office

The week of 5–11 February 2026 saw 559 new companies registered at the CRO — a figure that provides essential context for the property market activity above. Among the new formations, a cluster of real estate entities stands out: Rycroft Realty Sandyford Limited (development, Blanchardstown), Port Road K Limited (development of building projects, Palmerston Road Dublin 6), Roura and Associates Real Estate Investments PLC (Cork), and Goleen Seine Property SPV Limited (€1m authorised capital, Cork). The pattern of real estate SPVs and holding companies being registered in the same week as significant property transactions is a structural feature of the Irish market: developers capitalise new vehicles ahead of specific acquisitions or planning submissions.

Company	CRO No.	Type	NACE / Sector	Capital
Rycroft Realty Sandyford Limited	808281	LTD	Development of building projects	€100 issued
Port Road K Limited	808552	LTD	Development of building projects	€100 issued
Roura and Associates Real Estate Investments PLC	808414	PLC	Renting/operating real estate	€1m auth / €25k issued
Goleen Seine Property SPV Limited	809039	LTD	Buying and selling own real estate	€1m auth / €100 issued
Dundrum Garden GP 1 Limited	809035	LTD	Activities of holding companies	€100 issued

  CRO Watch: Five Real Estate Entities in One Week
  Five new real estate-sector companies registered in the week of 5–11 February 2026 (and the days immediately following) represent a formation cluster that tracks closely with the property market activity in the same period. The Dundrum Garden GP 1 name suggests a general partner structure for a fund or partnership — a vehicle type used in institutional real estate investment. The Goleen Seine Property SPV name (Goleen is a small village in West Cork) suggests a specific rural or coastal asset acquisition. Together, these formations are a leading indicator: the deals they will execute will appear on the Property Price Register in 6–18 months.

The Irish Courts

February 2026 produced 63 High Court judgments, several of which carry direct relevance for property and planning practitioners. The most significant for the development sector was [2026] IEHC 93, delivered by Mr Justice Nolan on 18 February, in which the High Court dismissed a challenge to Dublin City Council's declaration that works at St Mary's College, Kenilworth Square, constituted exempted development. The case — brought by Protect Kenilworth Square and resident Martin Joyce — concerned the reconfiguration of sports pitches into a full-size 4G artificial surface. The court found the works fell within the Class 33(c) exemption and that no Environmental Impact Assessment was required. For developers and planning practitioners, the judgment clarifies the scope of the sports facility exemption and the threshold for EIA in urban settings.

Citation	Parties	Subject	Why It Matters
[2026] IEHC 93	Protect Kenilworth Square v Dublin City Council	Planning exemption — sports pitch, Rathmines	Clarifies Class 33(c) exemption scope; EIA threshold in urban settings
[2026] IEHC 106	Friends of the Irish Environment v Uisce Éireann	Environmental / water infrastructure	Environmental NGO challenge to water utility — infrastructure delivery implications
[2026] IEHC 100	Re: Phelan [A Bankrupt]	Personal insolvency / bankruptcy	Bankruptcy proceedings — property asset implications for creditors
[2026] IEHC 99	Walsh v Juniper Orthodontics Limited	Commercial dispute	Business litigation — commercial property context

Legal Signal: Environmental Challenges to Infrastructure Projects The Friends of the Irish Environment v Uisce Éireann case, decided by Mr Justice Holland on 26 February 2026, is part of a sustained pattern of environmental NGO litigation against infrastructure projects in Ireland. For property developers and planning applicants, the lesson is consistent: any development near water infrastructure, protected habitats, or areas subject to environmental designation faces a materially higher litigation risk. The Cavan 55-unit scheme's requirement for a Natura Impact Statement — noted in its planning application — reflects exactly this risk calculus.

Property Markets and Plans

Beyond the headline transactions, the commercial property market showed its own signals this week. The 10-year lease at Unit D1, Airport Business Park, Swords (€1,226,460 annual rent) confirms that Dublin's northern logistics corridor — anchored by Dublin Airport and the M1/M50 interchange — continues to attract long-term industrial tenants. The Rathfarnham new-build transactions (18 and 19 Silverbrook, White Church Road, each at €1,145,374–€1,145,375 VAT-exclusive) suggest a premium new-build scheme completing in D14, with identical prices indicating a developer-set list price rather than open-market negotiation.

Address	County	Amount	Type	Significance
Unit D1, Airport Business Park, Swords	Dublin	€1,226,460/yr	Commercial lease 10yr	Logistics/industrial demand, northern corridor
18–19 Silverbrook, Rathfarnham (D14)	Dublin	€1,145,374–€1,145,375	New build VAT excl.	Premium D14 new-build scheme completing
Apartment 1, 17 Fade Street, Dublin 2	Dublin	€1,275,000	Second-hand	D02 city-centre premium apartment
Mount Vernon, 68 Sundays Well Rd, Cork	Cork	€1,260,000	Second-hand	Cork's highest transaction of the period

The Week Ahead

The week of 5–11 February 2026 presents a property market in transition: high volume, geographically dispersed, and increasingly shaped by institutional and bulk activity. The Galway €11.6 million bulk purchase is the single most important data point — not because of its size, but because of what it signals about where institutional capital is moving. The regional planning pipeline (Cavan, Tipperary, Donegal leading application counts) confirms that supply-side activity is genuinely national. The Mounsey group's new Sandyford company is the most forward-looking signal: a developer with €100 million in revenues and a completed Dublin 12 project is already capitalising the next phase.

  The Bottom Line
  Ireland's property market in early February 2026 is not a single market — it is at least three. Dublin's premium southside (D04, A96, D18) is a liquid, high-value market where second-hand properties trade above €1 million with regularity. The commuter belt (Kildare, Wicklow, Meath) is a volume market where new-build and second-hand compete at €350,000–€450,000. And the regions (Galway, Cork, Limerick, Cavan) are increasingly active, with institutional bulk purchases and large planning applications signalling that the supply pipeline is finally moving beyond the M50. The question for the rest of 2026: will the planning system keep pace with the formation of new development vehicles?

What to Watch:

Planning decisions on the Cavan 55-unit and Clonmel 41-unit schemes (due April 2026) — early indicators of regional planning authority capacity.
Land Registry filings for the Galway €11.6m bulk purchase — the buyer's identity will reveal whether this is a domestic or international institutional investor.
Planning applications from Rycroft Realty Sandyford Limited and Port Road K Limited — both registered this week with development NACE codes.
Capital raises or director appointments at Roura and Associates Real Estate Investments PLC — Ireland's newest real estate PLC.

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