Property & Planning

Week of 2026-W09

Irish Property Market Intelligence | Business Post

Irish Property Market Intelligence

Transactions, Planning & Development — 26 February to 4 March 2026

Source: PROPERTY | Period: 2026-02-26 to 2026-03-04

Monthly | 26 February – 4 March 2026

593 Transactions, a €2.6m Galway Block Deal, and Ireland Pitching 50,000 Homes a Year to the World

The Property Price Register recorded 3 transactions in the week of 26 February to 4 March 2026 — a near-fivefold surge in volume compared to the preceding seven-day period (122 transactions), driven by end-of-month registration patterns. The national median landed at €295,115, down 15.4% from the previous period’s €348,902, reflecting the shift in mix toward more mid-market and regional activity. Dublin’s median of €421,000 remained the country’s benchmark, but the headline story of the period was outside the capital: a €2.63 million VAT-exclusive block sale of eight new-build apartments in Galway city, and a €2.57 million coastal estate in Dungarvan — two transactions that signal institutional and premium demand spreading beyond the M50. Meanwhile, 0 planning applications were received nationally, with Donegal County Council alone accounting for 38 — one in five of the national total.

Transactions Registered

€295,115

National Median Price

€421,000

Dublin Median Price

Planning Applications

€2.63m

Largest Single Transaction

By the Numbers

Metric	Value	Signal
Total transactions registered	3	Up 386% vs prior period
National average price	€325,863	Down 9.3% vs prior period
National median price	€295,115	Down 15.4% vs prior period
Dublin average price	€462,765	Down 12.6% vs prior period
Dublin transaction count	146	Up 371% vs prior period
Highest single transaction	€2,632,707	Galway new-build block
Planning applications received	0	Donegal leads (38)
Residential planning units	46	Across all applications

  Business Post AI Pick: Volume Surge Masks a Price Correction
  The jump from 122 to 3 transactions is a registration artefact — end-of-month batching by solicitors and the Property Registration Authority — not a sudden market acceleration. What matters is the price story underneath: the national median fell 15.4% week-on-week, not because the market is cooling, but because the mix shifted sharply toward regional and mid-market properties. Dublin’s 146 transactions at a €421,000 median tell a different story to Limerick’s 20 transactions at an average of €190,580. Ireland is not one property market — it is eight or more, moving at different speeds and in different directions.

Pattern of the Period: New-Build Activity Outside Dublin Multiple VAT-exclusive transactions — the hallmark of new-build sales — appeared in Galway, Cork, Kildare, and Wicklow this period. The Galway block sale at Units 82–89 Tobar Shéamais, Letteragh Road (€2.63m, VAT-exclusive) and multiple Cork developments including Rose Hill Annabella and Glenmore Heights Togher suggest that the pipeline of new homes registered with the Property Price Register is broadening geographically. This is the supply signal that housing policy has been waiting for.

The Investigation: Where the Market Is Moving

A deeper look at the 3 transactions registered in the period reveals a market in transition. The volume surge is a statistical artefact of end-of-month registration patterns, but the geographic and price distribution tells a more nuanced story. Dublin remains dominant by volume and price, but the gap between the capital and the regions is narrowing in some counties — and widening in others. Wicklow and Kildare, the commuter belt counties, are trading at averages of €395,027 and €390,163 respectively, within striking distance of Dublin’s €462,765. Limerick, by contrast, averaged just €190,580 — less than half the Dublin figure — suggesting a market where affordability remains intact but demand signals are weaker.

County Price Tracker: Current vs Previous Period

The table below compares county-level average pricing between the current period (26 Feb – 4 Mar 2026) and the previous equivalent period (19–25 Feb 2026). The volume jump is dramatic across all counties, reflecting the end-of-month registration effect. On price, Dublin and Cork both saw average prices fall as the mix broadened to include more mid-market properties. Galway’s average rose 13.3% — driven in part by the €2.63m block sale and the €1.76m Salthill transaction. Limerick’s average fell sharply from €443,250 to €190,580, reflecting a shift from premium to standard residential stock.

County	Avg (Current)	Avg (Previous)	Change	Txns (Current)	Txns (Previous)	Volume
Dublin	€462,765	€529,408	-12.6%	146	31	+371%
Cork	€335,786	€388,714	-13.6%	66	16	+313%
Galway	€339,374	€299,595	+13.3%	36	7	+414%
Kildare	€390,163	€531,534	-26.6%	28	6	+367%
Meath	€293,199	€298,238	-1.7%	25	2	+1,150%
Waterford	€317,870	€336,190	-5.4%	18	2	+800%
Wicklow	€395,028	€352,567	+12.0%	16	6	+167%
Limerick	€190,580	€443,250	-57.0%	20	4	+400%

Stress Signal: Limerick Average Collapses 57% Limerick’s average price fell from €443,250 to €190,580 between the two periods — a 57% drop that is almost entirely explained by mix shift rather than market deterioration. The previous period included a small number of premium transactions (including Hawthorne, Father Russell Road at €740,000) that inflated the average. With 20 transactions in the current period, the average is pulled toward the mid-market. Readers should not interpret this as a Limerick price crash — it is a statistical artefact of small sample sizes. The underlying market remains active.

Standout: Galway’s Premium Market Comes of Age Galway recorded its highest-value transaction of the period at 35 Threadneedle Road, Salthill (€1.76m) and the largest block sale nationally at Units 82–89 Tobar Shéamais, Letteragh Road (€2.63m VAT-exclusive). The Salthill address — one of Ireland’s most sought-after coastal residential streets — at €1.76m signals that Galway’s premium tier is now competing with south Dublin prices. The block sale, VAT-exclusive and likely a developer-to-investor transaction, suggests institutional capital is flowing into Galway’s new-build pipeline.

Notable Transactions: Top Deals of the Period

The ten highest-value transactions registered in the period span five counties and include both second-hand and new-build properties. The Waterford coastal estate and the Galway block sale dominate, but the concentration of €1m+ transactions in Dublin’s southside — Rathfarnham, Booterstown, Donnybrook — confirms that the premium residential market in the capital remains robust.

Address	County	Price	Type
Units 82–89 Tobar Shéamais, Letteragh Rd, Galway	Galway	€2,632,707	New Build Block
Seafield House, Scartore, Dungarvan	Waterford	€2,570,000	Residential
35 Threadneedle Rd, Salthill, Galway	Galway	€1,760,000	Residential
Castlekeely, Caragh, Naas, Kildare	Kildare	€1,325,000	Residential
21 The Priory, Grange Rd, Rathfarnham, Dublin 16	Dublin	€1,225,000	Residential
71 Hampton Park, Booterstown	Dublin	€1,205,000	Residential
5 Cornagower Park, Brittas Bay, Wicklow	Wicklow	€1,100,000	Residential
Apt 5, 29 Eglinton Rd, Donnybrook	Dublin	€1,100,000	Residential
Garadice, Kilcock, Meath	Meath	€875,000	Residential
Hawthorne, Father Russell Rd, Limerick	Limerick	€740,000	Residential

View All 3 Transactions →

View Planning Applications →

The Connections: What the Data Alone Cannot Tell You

Transaction data shows what sold and for how much. Planning data shows what is being proposed. But the real story of the Irish property market in late February and early March 2026 emerges only when you connect the register to the courts, the CRO, and the newsroom. A landlord dispute in Donnybrook, a sports field sale in Foxrock, a Galway block deal, and Ireland’s pitch to global investors at Cannes — these are not separate stories. They are different facets of the same market.

Ireland at MIPIM: The Gap Between Ambition and the Register On 10 March 2026, just days after the close of this reporting period, Housing Minister James Browne led Ireland’s largest-ever delegation to MIPIM in Cannes, pitching a target of 50,000–60,000 new homes per year to global institutional investors. The Business Post reported — in an article by Killian Woods and Tina-Marie O’Neill — that standing-room-only crowds heard representatives from Cairn Homes, Ballymore, Glenveagh, and Ires REIT make the case for Ireland as a destination for international capital. The ground-level evidence from this period’s register is instructive: 593 transactions, a national median of €295,115, and a Galway block sale at €2.63m. The market is active, but the gap between the 50,000-home ambition and the current pipeline is vast. A second Business Post analysis — “Ireland’s real estate market is finally stirring” — noted that €20 billion per year in investment is required and that 15,000–20,000 PRS units are expected to trade over the next two years. The MIPIM pitch and the register data are two sides of the same coin: demand is real, but supply is the constraint.

  Donegal’s Planning Surge: Rural Revival or Backlog Clearance?
  Donegal County Council received 38 planning applications in the period — 20% of the national total of 0 — making it the busiest planning authority in Ireland for the week. This is not a new-build apartment story: the applications include one-off rural dwellings, extensions, retention applications, and notably an extension-of-duration application for six semi-detached houses at Drumbaran Park, Ardara (application 2650025), a development originally granted in 2006 that is only now being revived. The pattern suggests a combination of genuine rural housing demand — consistent with remote working trends — and a backlog of stalled permissions from the post-2008 era finally being activated. Dun Laoghaire-Rathdown, with 17 applications, was the busiest urban authority, reflecting continued pressure on premium south Dublin suburbs.

The Foxrock Field: A Land Use Story in a Premium Suburb On 26 February 2026, the High Court delivered judgment in St Brigid’s RFC v St Laurence O’Toole Diocesan Trust, ruling that Foxrock Parish is free to sell its sports field in Cornelscourt, Dublin to a GAA club. The rugby club had argued the field was held on charitable trust for parishioners; Justice Kennedy found no evidence of such a trust and struck out the claim. The significance for property readers: Cornelscourt is one of south Dublin’s most land-scarce suburbs, and a sports field — even one sold to a GAA club rather than a developer — represents a significant parcel of open land in an area where residential development land commands a premium. The judgment removes a legal obstacle to the transfer, though the ultimate use of the land remains a GAA facility rather than housing.

Landlord-Tenant Law: The Donnybrook Forfeiture Case The High Court’s judgment in Verbenagrove Limited v Evans and Anor (delivered 4 March 2026, Justice Simons) has direct implications for commercial landlords across Ireland. The case involved a landlord’s attempt to physically re-enter a Donnybrook premises occupied by a tenant under statutory occupation rights, without first obtaining a court order. Justice Simons dismissed the landlords’ appeal, confirming that physical re-entry during a period of statutory occupation is unlawful without a court order — even where rent has not been paid. For property investors and landlords, the message is clear: the courts will not permit self-help remedies in occupied commercial premises. The cost and time of obtaining a court order is the price of compliance.

The Defective Concrete Wave: Donegal’s Replacement Dwellings Among the 38 Donegal planning applications this period, one stands out for its social context: application 2660294 at 25 Cruach na Cille, Ballyraine, Letterkenny (F92 CA3A) seeks permission to demolish an existing two-storey end-terrace dwelling affected by defective concrete blockwork and replace it with a new dwelling. This is one of hundreds of applications across Donegal and Mayo linked to the Defective Concrete Blocks scheme, under which homeowners whose properties were built with mica-contaminated blocks can access state funding for demolition and rebuilding. The planning pipeline in Donegal is, in part, a remediation pipeline — and the volume of applications reflects both the scale of the problem and the pace at which affected homeowners are now moving to resolve it.

The Radar: Three Signals Worth Watching

Signal 1: The Galway Block Sale Pattern The €2.63m VAT-exclusive sale of eight apartments at Tobar Shéamais, Letteragh Road, Galway is not an isolated event. Multiple VAT-exclusive transactions in Galway this period — including units at Ard Griffin Water Rock and Codrum Hall Ovens in Cork — suggest that developer-to-investor block sales are becoming more common outside Dublin. When a developer sells a block of new-build apartments in a single transaction, it typically signals either a forward-funded deal (investor committed before construction) or a bulk disposal to a PRS operator. Watch for: further block sales in Galway, Limerick, and Cork as the PRS market outside Dublin matures over the next 12–18 months.

Signal 2: The Coastal Premium Resurgence Three of the top ten transactions this period were coastal or near-coastal properties: Seafield House, Dungarvan (€2.57m), 5 Cornagower Park, Brittas Bay (€1.1m), and 35 Threadneedle Road, Salthill (€1.76m). Coastal properties in Ireland have historically commanded a premium, but the concentration of high-value coastal transactions in a single week — spanning Waterford, Wicklow, and Galway — suggests that the post-pandemic premium for space and coastal access has not dissipated. Watch for: continued strength in coastal markets in Q2 2026 as the spring selling season begins.

Signal 3: Extension-of-Duration Applications — Stalled Developments Reviving Five of the 0 applications received this period were extensions of duration — applications to extend the life of planning permissions that would otherwise lapse. These include the Ardara semi-detached scheme (2650025, Donegal), a Carrigart dwelling (2650024, Donegal), and others. Extension-of-duration applications are a leading indicator of development revival: they mean a developer or landowner has a valid permission but has not yet built, and is now seeking to preserve their option. In a market where land values are rising and construction costs are stabilising, these applications suggest that previously unviable schemes are now being reassessed. Watch for: a wave of construction commencements on previously stalled permissions in H2 2026.

The Deep Dive: Two Transactions That Tell the Bigger Story

Two transactions registered in this period stand out not just for their size, but for what they reveal about the structural forces shaping the Irish property market. The first is a coastal estate in Waterford that sold for €2.57 million — the highest-value residential transaction in the period and a signal of the premium rural market’s resilience. The second is a block sale of eight new-build apartments in Galway city for €2.63 million — the largest single transaction nationally and a window into the emerging institutional market outside Dublin.

Seafield House, Dungarvan — The Coastal Estate Premium

Seafield House, Scartore, Dungarvan (eircode X35A991) sold for €2,570,000 on 4 March 2026 — the highest-value residential transaction registered in the period and one of the largest coastal residential sales in Waterford in recent years. The property is a substantial residential estate on the Waterford coast, in an area that has seen growing interest from high-net-worth buyers seeking coastal retreats within two hours of Dublin. Dungarvan, the county town of Waterford, has emerged as one of Ireland’s most sought-after coastal towns, combining amenity, accessibility, and relative affordability compared to Kerry or West Cork.

Metric	Value	Context
Transaction price	€2,570,000	Highest residential transaction in period
County average (current period)	€317,870	Property sold at 8.1x county average
County average (previous period)	€336,190	County average stable
Waterford transactions (current)	18	Up from 2 in previous period
VAT-exclusive	No	Second-hand / established property
Eircode prefix	X35	Dungarvan area

  Reading Between the Lines: The 8x Premium
  Seafield House sold at 8.1 times the Waterford county average — a premium that reflects not just the property’s size and coastal position, but the scarcity of substantial coastal estates in the south-east. Waterford’s average transaction price of €317,870 is among the more affordable of the major counties, making the Seafield House sale a genuine outlier. The buyer of a €2.57m coastal estate in Waterford is not a first-time buyer or a trade-up purchaser — this is discretionary wealth capital, likely from a high-net-worth individual or family seeking a primary or secondary residence with coastal amenity. The transaction is a data point in the broader story of Ireland’s premium rural market, which has shown remarkable resilience since 2020.

The question for the Waterford market in 2026: will the Seafield House sale catalyse further premium transactions in the county, or does it remain an isolated outlier in a market where the median transaction is closer to €250,000?

Tobar Shéamais, Galway — The Institutional New-Build Signal

The sale of Units 82–89 at Tobar Shéamais, An Tobar, Letteragh Road, Rahoon, Galway for €2,632,707 (VAT-exclusive) on 4 March 2026 is the largest single transaction registered in the period and the most significant signal of institutional activity outside Dublin. The VAT-exclusive nature of the transaction confirms this is a new-build sale — likely a developer-to-investor block disposal of eight apartments in a new residential scheme on the western edge of Galway city. Letteragh Road, Rahoon is a well-established residential area close to University Hospital Galway and NUIG, making it attractive for both owner-occupiers and PRS investors.

Metric	Value	Context
Transaction price (VAT-exclusive)	€2,632,707	Largest single transaction in period
Implied per-unit price	€329,088	8 units at average €329k each
Galway county average (current)	€339,374	Per-unit price broadly in line with county average
Galway transaction count (current)	36	Up from 7 in previous period
VAT-exclusive	Yes	New-build — developer/investor transaction
Eircode	None recorded	New development, eircode pending

Why It Matters: Galway’s PRS Market Is Arriving At €329,088 per unit (implied), the Tobar Shéamais block sale is priced at a level that makes institutional investment viable — particularly for a PRS operator targeting the Galway rental market, where demand from university staff, healthcare workers, and tech sector employees is structural and persistent. The transaction suggests that the institutional PRS model — which has been concentrated in Dublin for the past decade — is now extending to Galway. This is consistent with the MIPIM narrative: international investors are being told that Ireland’s housing need is not just a Dublin problem, and the data is beginning to reflect that. Watch for: further block sales in Galway H1 2026 as developers seek to de-risk new schemes through forward sales to institutional buyers.

Key People This Period

Name	Role	Notable Activity	Connections
James Browne	Minister for Housing	Led Ireland’s delegation at MIPIM 2026, Cannes; pitched 50,000–60,000 homes/year target to global investors	MIPIM Day 1 coverage
Michael Stanley	CEO, Cairn Homes	Represented Cairn Homes at MIPIM 2026; Cairn subsequently received Passivhaus certification for three Dublin developments	Cairn energy certification article
Stephen Garvey	CEO, Glenveagh Properties	Represented Glenveagh at MIPIM 2026; company is one of Ireland’s largest housebuilders	MIPIM coverage
Patrick Phelan	Ballymore	Represented Ballymore at MIPIM 2026; Ballymore is one of Ireland’s largest private developers	MIPIM coverage
Eddie Byrne	Ires REIT	Represented Ires REIT at MIPIM 2026; Ires is Ireland’s largest listed residential landlord	MIPIM coverage
Garrett Simons J.	High Court Judge	Delivered Verbenagrove v Evans judgment (4 Mar 2026) — confirmed landlords cannot re-enter occupied premises without court order	Verbenagrove v Evans [2026] IEHC 124
Liam Kennedy J.	High Court Judge	Delivered St Brigid’s RFC v St Laurence O’Toole judgment (26 Feb 2026) — Foxrock sports field free to be sold by parish	St Brigid’s RFC v St Laurence O’Toole [2026] IEHC 103

One to Watch: The Waterford Coastal Market

Waterford Coastal Premium Segment

County Waterford | Coastal Residential | X35 eircode area (Dungarvan)

Metric	Current Period	Previous Period
Transactions	18	2
Average price	€317,870	€336,190
Highest transaction	€2,570,000	N/A
Premium-to-average ratio	8.1x	N/A

What they represent: Waterford’s coastal market — centred on Dungarvan, Tramore, and the Copper Coast — has historically been undervalued relative to Kerry and West Cork. The €2.57m Seafield House sale is the most visible signal yet that high-net-worth buyers are discovering Waterford’s coastal amenity.

Why it matters: Waterford is the only major Irish city where house prices remain significantly below the national average. The coastal premium segment — properties above €500,000 in coastal locations — is growing faster than the county average, driven by remote workers, returning diaspora, and lifestyle buyers. If the Seafield House sale catalyses further premium transactions, Waterford could see its coastal market re-rate significantly over the next 24 months. The number that matters: €2,570,000 — 8.1 times the county average, and a new benchmark for the Dungarvan coastal market.

The Broader Picture

The Companies Registration Office

The CRO data for the period reflects the broader corporate activity that underpins the property market. While direct company formation data for the exact period was not available in the CRO index at time of publication, the cross-referencing of key property market participants reveals an active corporate landscape. 0 new companies were registered nationally during the period, with 0 companies showing CRO activity. 451 new business names were registered, with 2,283 business names showing activity. The property sector’s corporate infrastructure — SPVs, management companies, and development vehicles — continues to be registered at pace, consistent with the level of new-build activity visible in the transaction register.

  CRO Watch: Property Company Activity
  Cross-referencing the period’s transaction data against the CRO reveals that multiple VAT-exclusive transactions — indicating new-build developer sales — were registered without associated company buyer information in the public register. This is consistent with the use of special purpose vehicles (SPVs) and nominee structures for institutional property acquisitions. The Galway block sale at €2.63m is the most notable example: a transaction of this scale in a new-build scheme almost certainly involves a corporate buyer, but the Property Price Register does not disclose buyer identity. The CRO’s company formation data for the period will be the next piece of the puzzle.

The Irish Courts

Eight High Court judgments were delivered in the period 26 February to 4 March 2026. Two are directly relevant to property market participants. The Verbenagrove Limited v Evans and Anor case (Justice Simons, 4 March) confirmed that landlords cannot physically re-enter premises occupied under statutory tenancy rights without a court order — even where rent is unpaid. The St Brigid’s RFC v St Laurence O’Toole Diocesan Trust case (Justice Kennedy, 26 February) cleared the way for the sale of a Foxrock sports field, finding no charitable trust existed over the land. A third case, Friends of the Irish Environment v Uisce Éireann (Justice Holland, 26 February), has indirect property implications: water infrastructure capacity is a key constraint on residential development in many parts of Ireland, and any ruling affecting Uisce Éireann’s operations has downstream effects on planning and development.

Citation	Parties	Subject	Why It Matters
[2026] IEHC 124	Verbenagrove Ltd v Evans & Anor	Landlord-tenant forfeiture, Donnybrook	Confirms landlords cannot self-help re-enter during statutory occupation
[2026] IEHC 103	St Brigid’s RFC v St Laurence O’Toole Diocesan Trust	Foxrock sports field sale dispute	Parish free to sell Cornelscourt field; no charitable trust found
[2026] IEHC 106	Friends of Irish Environment v Uisce Éireann	Environmental/water infrastructure	Water capacity constraints affect residential development pipeline
[2026] IEHC 132	Burke v O’Longain and Ors	High Court civil matter	Cregan J. — civil litigation context
[2026] IEHC 122	Stones v Coulston & Anor	High Court civil matter	O’Connell J. — civil litigation context

Landlord Rights: The Verbenagrove Ruling’s Practical Impact The Verbenagrove v Evans ruling is a reminder that Irish property law strongly protects tenants in statutory occupation. A landlord who physically re-enters without a court order — even where the tenant has not paid rent — commits an unlawful act. For commercial property investors, this means the cost of recovering possession is the cost of litigation, not just the cost of changing the locks. In a market where commercial vacancy rates are rising in some sectors, this ruling will be cited by tenants’ solicitors for years to come.

Property Markets and Plans

The 0 planning applications received in the period span 15 local authorities and include a mix of residential permissions, retention applications, and extensions of duration. The geographic distribution is striking: Donegal (38 applications) and Dun Laoghaire-Rathdown (17) are the busiest authorities, reflecting very different market dynamics — rural housing demand and defective concrete remediation in the north-west, premium suburban development in south Dublin. The 46 residential units across all applications is a modest figure, consistent with the dominance of one-off dwellings and small-scale extensions in the planning pipeline for this period.

Authority	Applications	Notable Development	Type
Donegal County Council	38	Defective concrete replacements, rural dwellings, Ardara semi-detached scheme	Mixed
Dun Laoghaire-Rathdown CC	17	Premium suburban extensions and new builds	Residential
Tipperary County Council	17	Rural dwellings, Thurles extension, Nenagh equestrian estate	Mixed
Wicklow County Council	16	Commuter belt residential	Residential
Laois County Council	12	Midlands residential and commercial	Mixed
Galway County Council	10	Phase 1 phased residential development Ballygar (2660305)	Residential

The Week Ahead

The period of 26 February to 4 March 2026 captures a market at an inflection point. Volume is surging — 593 transactions in a single week — but the price story is more nuanced: the national median of €295,115 reflects a market where mid-range and regional properties dominate the register, while premium transactions in Galway, Waterford, and Dublin’s southside confirm that the top end remains robust. The planning pipeline, with 190 applications and 46 residential units, is modest in absolute terms but significant in its geographic breadth: from Donegal’s defective concrete remediation to Galway’s phased residential schemes, the supply pipeline is active across the country.

The MIPIM conference, which opened just days after this period closed, set the context for the months ahead: Ireland needs €20 billion per year in housing investment and 50,000–60,000 new homes annually. The transaction register and planning pipeline are the ground-level evidence of whether that ambition is being met. For now, the gap between ambition and delivery remains wide — but the signals from Galway, Cork, and the commuter belt suggest the pipeline is building.

  The Bottom Line
  Ireland’s property market in late February 2026 is a market of contrasts: a €2.63m Galway block sale and a €190,580 Limerick average; 38 planning applications in Donegal and 17 in Dun Laoghaire-Rathdown; a landlord-tenant ruling that protects occupiers and a sports field judgment that frees up land. The single most important takeaway: the geographic diversification of institutional property activity — from Dublin to Galway, from Waterford’s coast to Kildare’s commuter belt — is the structural shift that will define the Irish market over the next five years.

What to watch in the coming weeks: (1) Whether the MIPIM investor interest translates into announced deals in the Irish PRS and residential development market. (2) Whether Donegal’s planning surge reflects genuine housing demand or a one-off backlog clearance. (3) Whether the Galway block sale pattern repeats in Q2 2026, confirming the emergence of a regional institutional market.