Saturday 25 October 2014

Rental market drives up Dublin 2 prices

Published 24/01/2014 | 02:30

Grand Canal Dock, Dublin 2. Photo: Tony Gavin
Flora Women's Mini Marathon 2013 starts on Fitzwilliam Street Upper, Dublin. Photo: Caroline Quinn

DUBLIN 2

South City Centre, Quays, Grand Canal Dock, Pembroke, Leeson, Temple Bar.

Up 18%

One Year Forecast: Up 12%

Average Price: €250,000

Assessing Agent: Owen Reilly Property Consultants

The Market:

Rental markets have never been stronger in Dublin 2, particularly in the south docklands area where international tech and financial services firms have been clustering.

The impact has been immediate on prices which are up 18% (generally between 15-20%) compared with a year ago, while supply has fallen by 40%. This is the big challenge for buyers this area.

Stock is now at its tightest for a decade and even owner-occupiers are leaving properties and letting them out rather than selling them.

Most of the housing here is well-built and well-managed and is among the most desirable areas in Dublin for individuals seeking a bit of social cache, particularly those working in the thriving technology sector.

A decade ago the south quays was a massive building site but now it has boutique hotels, bars, restaurants and the Grand Canal Theatre. This area with its contemporary bling architecture is the new trendy face of Dublin city for postcards and posters.

The trend towards fewer children also means people are now opting to stay in the city rather than transfer out to the suburbs to raise a family.

The demand is there to restart building and there are possibilities in Grand Canal Dock and on land currently belonging to Dublin Bus in the area.

Meanwhile "traditional" Victorian and Georgian D2 continues to hold up well with buyers interested in projects in older buildings.

"The values can only go one way given the present constraints but I would be astonished if they rose as much as in 2013 aside perhaps from the Grand Canal Dock area, where I can see good apartments putting on 20% in the year ahead," says assessing agent Owen Reilly.

The Prices:

1-bed apartment:

Jan 2013: €153,000

Jan 2014: €180,000

Jan 2015: €202,000

2-bed apartment:

Jan 2013: €212,000

Jan 2014: €250,000

Jan 2015: €280,000

2-up/2 down:

Jan 2013: €233,000

Jan 2014: €275,000

Jan 2015: €308,000

3-bed terrace:

Jan 2013: €280,000

Jan 2014: €330,000

Jan 2015: €370,000

1-bed cottage:

Jan 2013: €153,000

Jan 2014: €180,000

Jan 2015: €202,000

2-bed cottage:

Jan 2013: €212,000

Jan 2014: €250,000

Jan 2015: €280,000

Ex-corporation 2-bed:

Jan 2013: €237,000

Jan 2014: €280,000

Jan 2015: €314,000

Ex-corporation 3-bed:

Jan 2013: €280,000

Jan 2014: €330 000

Jan 2015: €370,000

2-bed townhouse:

Jan 2013: €212,000

Jan 2014: €250,000

Jan 2015: €280,000

3-bed townhouse:

Jan 2013: €275,000

Jan 2014: €325,000

Jan 2015: €364,000

3-bed semi:

Jan 2013: €318,000

Jan 2014: €375,000

Jan 2015: €415,000

2-bed mews:

Jan 2013: €339,000

Jan 2014: €400,000

Jan 2015: €448,000

3-bed mews:

Jan 2013: €381,000

Jan 2014: €450,000

Jan 2015: €504,000

3-bed duplex:

Jan 2013: €254,000

Jan 2014: €300,000

Jan 2015: €336,000

Period 2/3 -storey over basement:

Jan 2013: €508,000

Jan 2014: €600,000

Jan 2015: €672,000

Period 4/5-storey over basement:

Jan 2013: €1.05m

Jan 2014: €1.25m

Jan 2015: €1.4m

Irish Independent

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