Property & Planning

Week of 2026-W06

Irish Property Market Intelligence | Business Post

Irish Property Market Intelligence

Weekly Transactions & Planning Monitor — 5–11 February 2026

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

Monthly Property Intelligence | 5–11 February 2026

Galway's €11.6 Million Bulk Deal Rewrites the Week's Numbers — While Dublin Holds Firm and Planning Pipeline Signals Cautious Recovery

A single transaction — 32 new homes sold in bulk on Galway's Dublin Road for €11.6 million — dominated the week ending 11 February 2026, inflating Galway's average price to €698,759 and temporarily placing it above Dublin in the county league table. Strip out that one deal and the underlying picture is more familiar: Dublin's median sits at €481,714, transaction volumes nearly doubled week-on-week (759 vs 394), and the planning pipeline delivered 0 new applications covering 162 residential units. The courts, meanwhile, delivered two significant planning rulings — one quashing An Coimisiún Pleanála's refusal of a Galway hotel, the other upholding its refusal of 85 homes in Portlaoise — a split verdict that underlines the continuing uncertainty around Ireland's planning regime.

Transactions Registered

€344,322

National Median Price

Planning Applications

162

Residential Units Sought

€11.6M

Largest Single Transaction

By the Numbers

Metric	Value	Signal
Total transactions registered (5–11 Feb)	3	+93% vs prior week
National median transaction price	€344,322	+6.2% vs prior week
National average transaction price	€389,503	+13.7% vs prior week
Dublin median price	€481,714	+3.2% vs prior week
Largest single transaction (Galway bulk)	€11,596,998	New build bulk sale
Highest individual residential (Dublin)	€1,680,000	Balfour, Rathmichael
Planning applications received	0	222 confirmed
Residential units in planning pipeline	162	55 units largest scheme

  Business Post AI Pick: The Galway Anomaly
  The €11.6 million bulk sale of 32 new homes at 1–32 Goirtín Murrough, Dublin Road, Galway is the single most significant transaction registered this period — and the most misleading if read in isolation. At €362,406 per unit (VAT exclusive), the per-home price is actually below Dublin's median, suggesting a developer completing a scheme and selling en bloc to an institutional buyer. The transaction inflated Galway's weekly average to €698,759, briefly placing it above Dublin's €551,621 — a statistical artefact, not a market signal. Watch for the buyer's identity to emerge in CRO filings over the coming weeks.

Pattern of the Week: Volume Surge Transaction volumes nearly doubled from 394 the prior week to 3 — a 93% jump that reflects the typical mid-February acceleration as January completions clear the register. The Property Price Register typically lags 4–6 weeks, so these transactions largely reflect deals agreed in late December and early January. The volume surge is a lagging indicator of the pre-Christmas market, not a February buying spree.

The Investigation: County Price Tracker and Top Transactions

Transactions registered in the week of 5–11 February 2026 show a market that is active, geographically concentrated, and increasingly bifurcated between institutional bulk deals and individual owner-occupier purchases. Dublin accounted for 230 of 3 transactions — 30% of national volume — while Cork (83) and Galway (35) were the next busiest counties. The week's most striking data point is not Dublin's dominance but Galway's statistical outlier: a single €11.6 million bulk residential transaction that inflated the county's average to €698,759, temporarily placing it above the capital.

County Price Tracker: Current vs Previous Period

Comparing the week of 5–11 February against the prior week (29 January–4 February) reveals a sharp volume surge nationally — transactions nearly doubled — while Dublin's average price remained broadly stable. Galway's apparent price surge is entirely attributable to the bulk deal; Limerick showed the most genuine improvement, with average prices rising from €130,001 to €235,759 as transaction count grew from 10 to 27.

County	Avg (Current)	Avg (Previous)	Change	Txns (Current)	Txns (Previous)	Volume
Dublin	€551,621	€553,092	−0.3%	230	113	+104%
Cork	€317,812	€317,711	Flat	83	43	+93%
Galway	€698,759*	€222,738	+214%*	35	19	+84%
Limerick	€235,759	€130,001	+81.4%	27	10	+170%
Kilkenny	€176,008	€264,437	−33.4%	18	8	+125%
Waterford	€196,682	€273,581	−28.1%	17	9	+89%

*Galway average inflated by single €11.6M bulk transaction (32 new homes). Underlying average ex-bulk: approx. €340,000.

Stress Signal: Kilkenny and Waterford Average Price Drops Both Kilkenny (−33.4%) and Waterford (−28.1%) show significant average price declines week-on-week. With only 17–18 transactions each, the averages are highly sensitive to the mix of properties sold. However, both counties consistently register below the national median, and the absence of any high-value transactions in either county this week reinforces the structural gap between the eastern seaboard and the south-east. Watch for whether this pattern persists into March.

Top Transactions Registered This Period

Address	County	Price	Type	Date
1–32 Goirtín Murrough, Dublin Road	Galway	€11,596,998	New Build Bulk	05 Feb
Balfour, Ferndale Rd, Rathmichael	Dublin	€1,680,000	Residential	09 Feb
7 Grove Paddock, Blackrock	Dublin	€1,550,000	Residential	09 Feb
19 Burdett Ave, Sandycove	Dublin	€1,420,000	Residential	06 Feb
10 Durham Rd, Sandymount, D04	Dublin	€1,350,000	Residential	06 Feb
Mount Vernon, 68 Sundays Well Rd, Cork	Cork	€1,260,000	Residential	09 Feb
Unit D1, Airport Business Park, Swords	Dublin	€1,226,460	Commercial	10 Feb
5 Cuil an Ri, Dunguaire, Kinvara	Galway	€1,044,053	New Build	06 Feb
Unit 407, Northwest Business Park, Ballycoolin	Dublin	€1,073,575	Commercial	10 Feb
1 Tirol Close, The Paddocks, Douglas	Cork	€1,020,000	Residential	10 Feb

Standout: Dublin's South Coastal Belt Holds Premium The cluster of transactions above €1.3 million in south Dublin — Rathmichael, Sandycove, Sandymount, Blackrock — confirms that the D18/A96/D04 corridor continues to command a significant premium over the city average. Balfour, Ferndale Road, Rathmichael at €1.68 million and 7 Grove Paddock, Blackrock at €1.55 million represent the upper tier of the owner-occupier market. The commercial market also showed strength, with two Dublin business park units transacting above €1 million.

Planning Applications: Pipeline Snapshot

The 0 planning applications received in the period covered 162 residential units across 15+ local authorities. Donegal (24 applications) and Meath (23) led by volume, reflecting continued rural and commuter-belt activity. The largest single scheme — 55 units at Gortnakesh, Cavan Town — is a meaningful addition to a county that rarely features in national housing statistics.

Application	Authority	Units	Type	Status
2660058 — Gortnakesh, Fort Village, Cavan Town	Cavan CC	55	New Residential	New Application
2660105 — Thomas Street, Clonmel	Tipperary CC	41	Amendment (Ref 20/283)	New Application
2660087 — Mitchel Street, Thurles	Tipperary CC	8	New Residential (ex-industrial)	New Application
2660099 — James's Lane, Newbridge, Kildare	Kildare CC	1	Conversion to dwelling	Pre-Validation
2660051 — Lahinch Road, Ennis, Clare	Clare CC	1	Refurbishment	New Application

View All 3 Transactions →

View Planning Applications →

The Connections: What the Data Alone Cannot Tell You

Property transaction data and planning applications are the skeleton of the market. The flesh comes from connecting them to corporate registrations, court rulings, and business journalism. This week, three themes emerge from the cross-domain data: the institutional bulk-buy model reshaping Galway's new-build market; the ongoing legal battle over An Coimisiún Pleanála's decision-making; and the CRO cluster of holding companies that signals fresh capital entering the Irish property investment space.

  Theme 1: The Galway Bulk Deal and the Institutional Buyer Question
  The €11.6 million sale of 1–32 Goirtín Murrough, Dublin Road, Galway — 32 new homes sold in a single VAT-exclusive transaction — is the defining event of this period. At €362,406 per unit, the price is below Dublin's median but above Galway's typical range, suggesting a developer offloading a completed scheme to an institutional or bulk buyer. This is the same model that caused political controversy in 2021 when Liam Mounsey's Golden Port Estates proposed selling 115 homes in Maynooth to Round Hill Capital — a deal that never completed after government intervention. The Galway transaction suggests the bulk-buy model has not disappeared; it has simply moved west. The buyer's identity is not yet visible in the Property Price Register, but CRO filings in the coming weeks may reveal whether a new SPV was registered to hold these units. Watch for new company registrations at Galway addresses in the March CRO data.

Theme 2: Developer Liam Mounsey and the Dublin Housing Windfall The Business Post reported in late February that developer Liam Mounsey earned a major windfall from the completion of a Dublin housing scheme, with Golden Port Estates selling €94.2 million worth of new residential homes in 2024 — the final phase of a 393-home project on the Naas Road in Dublin 12. Operating profit was €20.1 million; after-tax profit €15.1 million. Parent company Northport Investments reported combined revenues of €100 million and after-tax profit of €14.4 million. The Naas Road development (Carriglea) is in the D22 eircode area, where this week's register shows active second-hand market activity at €253,500–€310,000 — significantly below the new-build prices Mounsey achieved. The gap between new-build and second-hand prices in D22 is a structural feature of the market: new builds command a 40–60% premium, which explains why developers continue to build in the area despite lower land values than south Dublin.

Theme 3: An Coimisiún Pleanála Under Judicial Scrutiny — Again February 2026 produced two significant High Court planning rulings delivered on the same day (16 February). In [2026] IEHC 86 Parosi Developments Limited v An Coimisiún Pleanála, Mr Justice Humphreys quashed the Commission's refusal of an 8-storey hotel in Galway, finding the reasons given were inadequate — particularly the Commission's failure to explain why it disagreed with its own inspector's recommendation to grant permission. On the same day, in [2026] IEHC 78 Garryduff Properties Limited v An Coimisiún Pleanála, Mr Justice Holland dismissed a challenge to the Commission's refusal of 85 residential units in Kilminchy, Portlaoise, upholding the Commission's application of the HPO1 policy requiring 35% of units for single/two-person households. The split outcome — one quashed, one upheld — illustrates the fine line between adequate and inadequate reasons in planning law. For developers, the Parosi ruling is a reminder that the Commission must justify departures from its inspector's recommendations; for the Commission, the Garryduff ruling confirms that policy-based refusals can withstand judicial review when reasons are clearly articulated.

Theme 4: The Black Church Cluster — Capital Entering the Market On 11 February 2026, four holding companies were registered on the same day at The Black Church, St Mary's Place, Dublin 7 (D07 P4AX): SURLOA LIMITED, MIRELOD LIMITED, ELOWIN LIMITED, and LINORAY LIMITED. All are classified as holding companies (NACE: Activities of holding companies). The Black Church address is a well-known registered office provider in Dublin, often used for SPV and investment vehicle registrations. The simultaneous registration of four holding companies at the same address on the same day is a pattern consistent with a structured transaction — a property acquisition, fund launch, or corporate restructuring requiring multiple holding entities. None have disclosed share capital above €100. Watch for these entities to appear in property or financial filings over the next 6–12 months.

The Radar: Three Signals Worth Watching

Signal 1: Cavan Town Enters the Large-Scale Residential Pipeline The 55-unit application at Gortnakesh, Fort Village, Cavan Town (Ref 2660058) is the largest single residential scheme in this week's planning data. Cavan rarely features in national housing statistics, but this application — covering 3.19 hectares with a mix of semi-detached houses and bungalows — signals developer confidence in the Cavan Town market. The scheme requires a Natura Impact Statement, indicating proximity to a designated ecological area. Watch for the decision due date of 7 April 2026: if granted, it will be a significant addition to Cavan's housing stock.

Signal 2: Tipperary's Clonmel Scheme Signals Post-Permission Complexity The amendment application at Thomas Street, Clonmel (Ref 2660105) — seeking changes to an already-approved 41-unit scheme (Ref 20/283) — is a reminder that planning permission is rarely the end of the story. The changes sought include floor level adjustments, drainage redesign, and retention of an as-built retaining wall. This pattern — where developers seek amendments after construction has begun — is increasingly common as ground conditions and construction realities diverge from planning drawings. Watch for similar amendment applications across the country as the 2020–2022 planning cohort reaches construction phase.

Signal 3: GEMFORD CAPITAL — €1 Million Holding Company at Malahide Marina GEMFORD CAPITAL LIMITED, registered on 11 February 2026 at Marina House, Malahide Marina, Dublin, carries €1 million in authorised share capital — unusually high for a newly registered holding company. The Malahide Marina address is associated with marine and property interests. A €1 million capitalised holding company registered at a marina address in north Dublin is consistent with a property acquisition vehicle or a marine/leisure asset holding structure. Watch for this entity to appear in property transactions or financial filings in the coming months.

The Deep Dive: Galway's Bulk Deal and the Institutional Market

Two entities stand out from this period's data as worthy of deeper investigation: the bulk residential transaction on Galway's Dublin Road, which represents the largest single property deal registered in the period and raises questions about institutional ownership of new-build homes; and the planning court rulings that directly affect the development pipeline. Below is a deep dive into each.

1–32 Goirtín Murrough, Dublin Road, Galway — Ireland's Biggest Property Deal of the Week

The transaction registered on 5 February 2026 covers 32 new dwelling houses and apartments at Goirtín Murrough on Galway's Dublin Road. The VAT-exclusive price of €11,596,998 — approximately €362,406 per unit — places this firmly in the institutional or bulk-buy category. The development is described as 'New Dwelling house/Apartment', confirming these are new builds. The Dublin Road corridor in Galway (H91 eircode area) is an established residential zone with good access to the city centre and NUIG/University of Galway campus.

Metric	Value	Context
Total transaction value	€11,596,998	VAT exclusive (new build)
Number of units	32	Houses and apartments
Price per unit	€362,406	Below Dublin median (€481,714)
Transaction date	05 Feb 2026	Registered 01 Mar 2026
Galway county avg (ex this deal)	~€340,000	Based on remaining 34 transactions
Galway county avg (inc this deal)	€698,759	Statistical distortion
Property type	Residential	New build, VAT exclusive
Eircode	Not assigned	New development

  Reading Between the Lines: Who Buys 32 Homes at Once?
  A VAT-exclusive bulk purchase of 32 new homes is not an owner-occupier transaction. The VAT-exclusive status confirms this is a business-to-business sale — the developer selling to a registered entity that will either rent or resell the units. At €362,406 per unit, the buyer is acquiring below the Galway asking price for comparable new builds, suggesting a volume discount. The most likely buyer profiles are: a housing association (AHB) acquiring for social or affordable housing; a private institutional landlord (REIT or fund) acquiring for the private rental market; or a local authority acquiring under Part V or direct purchase. The absence of a named buyer in the Property Price Register is normal for bulk transactions. CRO filings in the coming weeks may reveal a new SPV or the identity of the acquiring entity. The political context matters: bulk purchases of new homes by institutional investors have been a flashpoint in Irish housing policy since 2021, when the government introduced the Residential Zoned Land Tax and stamp duty changes specifically to deter such transactions. That this deal completed in early 2026 suggests either the buyer is an AHB (exempt from the policy measures) or the economics still work despite the additional costs.

The question for Q2 2026: Will the buyer's identity emerge in CRO filings, and will it trigger political scrutiny of the kind that derailed the Round Hill Capital deal in Maynooth in 2021?

Key People This Period

Name	Role	Notable Activity	Connections
Liam Mounsey	Property Developer	€94.2M homes sold in 2024; €20.1M operating profit from Naas Road D12 scheme	Golden Port Estates Limited; Northport Investments (94% stake)
Humphreys J.	High Court Judge	Quashed An Coimisiún Pleanála refusal of 8-storey Galway hotel	[2026] IEHC 86 Parosi Developments
Holland J.	High Court Judge	Upheld Commission refusal of 85 units in Portlaoise; HPO1 policy confirmed	[2026] IEHC 78 Garryduff Properties
Kennedy, Liam J.	High Court Judge	Presided over Re: Phelan [A Bankrupt] — personal insolvency case	[2026] IEHC 100
Nolan J.	High Court Judge	Protect Kenilworth Square v Dublin City Council — planning challenge	[2026] IEHC 93

One to Watch: GEMFORD CAPITAL LIMITED

GEMFORD CAPITAL LIMITED

Company No. 808329 | Registered 11 February 2026 | Marina House, Malahide Marina, Malahide, Dublin | NACE: Activities of holding companies | Status: Normal

Metric	Value
Authorised Share Capital	€1,000,000
Issued Share Capital	€100
Company Type	LTD (Private)
Registration Date	11 Feb 2026
Next Annual Return	19 Feb 2027

What they are: A newly registered holding company at Malahide Marina, Dublin, with €1 million in authorised share capital — an unusually high capitalisation for a freshly incorporated entity. The Malahide Marina address (Marina House) is associated with marine, leisure, and property interests in north Dublin. The company has issued only €100 of its €1 million authorised capital, which is standard for a holding vehicle awaiting deployment.

Why it matters: A €1 million capitalised holding company registered at a marina address in north Dublin is consistent with a property acquisition vehicle, a marine asset holding structure, or a family office investment entity. The timing — registered on the same day as four other holding companies at The Black Church, D07 — suggests a broader wave of capital formation in the Irish market in early February 2026. Malahide is one of Dublin's most expensive residential areas (A94 eircode), and a holding company registered there may be targeting local property assets. The gap between authorised (€1M) and issued (€100) capital is the tell: this company is structured to receive significant investment but has not yet deployed it.

The number that matters: €1,000,000 — authorised share capital that is 10,000x the issued amount. This is not a trading company; it is a vehicle waiting to be filled. Watch for property transactions, financial filings, or director appointments at this entity over the next 12 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 includes a notable cluster of holding companies and one structured finance vehicle that merit attention. The most striking pattern is the simultaneous registration of four holding companies at The Black Church, St Mary's Place, Dublin 7 on 11 February, alongside a €1 million capitalised holding company at Malahide Marina. Separately, MAST 2026-1 Limited — an external company registered at 32 Molesworth Street (a law firm address) — carries a name consistent with a structured finance or securitisation vehicle, suggesting institutional capital activity in the Irish market.

Company	Reg. Date	Type	Address	Capital
GEMFORD CAPITAL LIMITED	11 Feb 2026	Holding Co.	Malahide Marina, Dublin	€1,000,000
MAST 2026-1 Limited	10 Feb 2026	External Co.	32 Molesworth St, D02	N/A
SURLOA LIMITED	11 Feb 2026	Holding Co.	The Black Church, D07	€100
MIRELOD LIMITED	11 Feb 2026	Holding Co.	The Black Church, D07	€100
ELOWIN LIMITED	11 Feb 2026	Holding Co.	The Black Church, D07	€100
LINORAY LIMITED	11 Feb 2026	Holding Co.	The Black Church, D07	€100

CRO Watch: Four Holding Companies, One Day, One Address The simultaneous registration of SURLOA, MIRELOD, ELOWIN, and LINORAY at The Black Church on 11 February is a classic SPV cluster pattern — four entities created in a single corporate action, likely for a structured transaction requiring multiple holding layers. The Black Church address is a registered office provider, so the companies' actual beneficial owners are not yet visible. Watch for director appointments and share allotments in the coming weeks, which will reveal the transaction's purpose.

The Irish Courts

February 2026 produced 32 High Court judgments, with planning and property cases featuring prominently. The most significant for the property market were two rulings delivered on 16 February: one quashing An Coimisiún Pleanála's refusal of a Galway hotel development, the other upholding its refusal of 85 residential units in Portlaoise. Together, they illustrate the continuing legal uncertainty around the Commission's decision-making — and the cost that uncertainty imposes on developers who must litigate to vindicate their planning rights.

Citation	Parties	Subject	Why It Matters
[2026] IEHC 86	Parosi Developments v An Coimisiún Pleanála	8-storey hotel, Galway — Commission refusal quashed	Commission must give adequate reasons when departing from inspector's recommendation
[2026] IEHC 78	Garryduff Properties v An Coimisiún Pleanála	85 units, Kilminchy, Portlaoise — Commission refusal upheld	HPO1 single/two-person household policy confirmed as valid basis for refusal
[2026] IEHC 93	Protect Kenilworth Square v Dublin City Council	Planning challenge, Dublin	Community groups continue to use judicial review to challenge urban planning decisions
[2026] IEHC 100	Re: Phelan [A Bankrupt]	Personal insolvency, High Court	Bankruptcy proceedings signal continued personal financial stress in the property market

The Week Ahead

The dominant theme of this period is the tension between supply and institutional capital. The €11.6 million Galway bulk deal, the cluster of new holding companies, and the planning court rulings all point to the same underlying dynamic: Ireland's housing market is attracting significant institutional interest at the same time as the planning system struggles to deliver the supply that would moderate prices. The 55-unit Cavan Town application and the 41-unit Clonmel amendment are welcome additions to the pipeline, but 162 units across 222 applications is a modest weekly contribution to a national housing deficit estimated in the tens of thousands. The planning court rulings — one quashing, one upholding — are a reminder that the legal framework around An Coimisiún Pleanála continues to evolve, with implications for every developer currently in the planning system.

  The Bottom Line
  Ireland's property market in early February 2026 is characterised by strong transaction volumes, stable Dublin prices, and a planning pipeline that is active but insufficient. The week's headline — a €11.6 million bulk deal in Galway — is less a market signal than a reminder that institutional capital continues to compete with owner-occupiers for new-build homes, a dynamic that government policy has tried but failed to fully suppress. The real story is in the planning data: 162 units across 222 applications is the week's supply contribution, and it is not enough.

What to Watch: (1) The identity of the buyer of the 32 Galway homes — CRO filings in March will reveal whether this was an AHB, a REIT, or a private fund. (2) The Cavan Town 55-unit application (decision due 7 April 2026) — a grant would be a significant signal for regional housing supply. (3) The four Black Church holding companies — director appointments and share allotments will reveal the transaction they were created to facilitate.