The new headquarters for Galway City Council has fallen in value by €8 million since it was purchased two and a half years ago.
Galway City Council is planning to begin moving into the new HQ in the Crown Square development on Monivea Road in 2026.
The move has been the subject of some controversy, with criticism levelled at a lack of consultation with staff and the public.
The building was bought by the city council in December 2022 for €36 million. Since then, its value has fallen to €28 – €29 million as of May 2025.
The valuation, which was carried out by Avison Young and Power Property, states that the decline reflects wider trends in the commercial property market, such as rising interest rates, post-COVID changes to office demand, increased construction costs, and global economic uncertainty.
The valuation was presented to elected members of Galway City Council on Tuesday. Council officials maintain that Crown Square remains the most cost-effective solution.
It is asserted that the value of the building will exceed the €36 million price over the course of its 40 year expected lifespan.
The council states that by consolidating four existing office sites into one, this new HQ will avoid €108 million in renovation and temporary relocation costs.
This would include an estimated €69 million cost to refurbish and expand the current City Hall premises on Prospect Hill, and a further €38 million to temporarily relocate office staff while this was underway.
The next stage of the project will be the fit-out. A tender for this is expected to be issued in June, and returned by August.
