Monday 16 September 2019

Dublin West County: Foreign investment spurring growth

Average price: €280,000
Areas:
Lucan, Adamstown, Rathcoole
Up: + 19%
One Year Forecast: + 0%
Assessing Agent: Sherry FitzGerald Lewis

The biggest increase in house sales during the year came from one and two-bedroom apartments says David Lewis of Sherry FitzGerald Lewis - which is always a popular category in West Dublin - with increases of around 30pc or more.

With much in the way of foreign money purchases, Eastern Europeans "have no problem" with duplexes, whereas some Irish people still baulk to some extent at them. "There was talk of slowdowns in some parts of Dublin but it hasn't hit here yet".

110 Laraghcon, Lucan, County Dublin, sold in August 2014 for €460,000.
110 Laraghcon, Lucan, County Dublin, sold in August 2014 for €460,000.

During the year a house would typically be advertised on a Wednesday with 15 parties to view on Saturday and three 'asking price' offers by the following Monday.

"We'd hold off for another Saturday and would generally be getting 10-15pc over the asking price," Lewis adds. While activity is still busy, properties towards the end of the year were lengthening to three week sales.

Dublin West County
House Types201420152016
3-bed Semi, €240,000 €280,000 €280,000
4-bed Semi, €320,000 €350,000 €350,000
4-bed Detached, €360,000 €400,000 €400,000
5-bed Detached, €500,000 €525,000 €525,000
3-bed Bungalow, €240,000 €280,000 €280,000
4-bed Bungalow, €320,000 €360,000 €360,000
1-Bed Apartment, €110,000 €140,000 €140,000
2-bed Apartment, €130,000 €180,000 €180,000
Ex-corporation 2-bed, €140,000 €175,000 €175,000
Ex-corporation 3-bed, €160,000 €195,000 €195,000
2-bed Townhouse, €175,000 €210,000 €210,000
3-bed Townhouse, €220,000 €250,000 €250,000
3-bed Duplex, €175,000 €220,000 €220,000
"Detached 1,500 � 2,000 sq ft", €500,000 €525,000 €525,000
"Detached 2,000+ sq ft", €600,000 €650,000 €650,000
"Large period Detached, own grounds", €950,000 €1,050 €1,050

He claims this wasn't so much to do with demand, but rather the extraneous elements of a sale: legal delays (perhaps due to law offices having fewer staff due to the recession) and the extra problems associated with Receivership sales, of which the area had a great number.

There was very little in the way of new developments with the exception of small pockets in Hanstead and Adamstown, which sold out quickly.

ADAMSTOWN: An ongoing success story proving the validity of putting in infrastructure like trains, roads and schools before building commences. Everything here sells quickly.
ADAMSTOWN: An ongoing success story proving the validity of putting in infrastructure like trains, roads and schools before building commences. Everything here sells quickly.

Family populated areas such as Weston, Beechpark and Esker Lawns remain popular given the quality of schools while first-time buyers are finding a shortage of three-bed semi's in Lucan.

"The village was built largely from 1997-2002 and buyers were mainly those out-priced in Templeogue and Rathfarnham who had intended moving back, but find themselves still here due to negative equity or other reason so it means houses are slow to come to market.

"Those making €180,000 at the lowest point, and €400,000 at the height of the boom are now back to around €300,000 due to demand".

Cash buyers make up around 20pc of sales while overseas money and non-nationals account for 30pc.

There are popular places of worship in the area where Indian, Pakistani (Liffey Valley); Eastern European (Adamstown) and Chinese (old Lucan) families like to settle.

Lewis is concerned at the effect the new Central Bank deposit requirements may have during 2015 and is reluctant to pin any growth at all for the year, waiting to see how things will pan out instead.

"It will definitely have an effect but perhaps we'll end up with a watered down version instead".

Independent.ie Guide to House Prices in Ireland

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