Friday 27 April 2018

Half of renters in Silicon Docks are tech workers

Dublin’s bustling Silicon Docks. Photo: Naoise Culhane
Dublin’s bustling Silicon Docks. Photo: Naoise Culhane
Mark Keenan

Mark Keenan

Almost half of the tenants renting in Dublin's Silicon Docks are tech professionals from companies like Google, LinkedIn, Facebook and Twitter.

Overall, 92pc of the tenants in the area - which includes a huge stock of apartments targeted by tech workers - are not Irish born.

Most are European and British nationals working with a range of international companies with most coming from the tech sector, according to estate agents specialising in rentals and sales in the area.

The data comes from the Docklands Residential Report 2018 just published by the Owen Reilly agency, which assists Dublin tech companies with lettings for employees.

The docks are a particularly favoured location for tech workers from abroad, who favour living as close as they can to their offices when they locate here.

The percentage of Irish renting there has been diminishing fast and stands at just 8pc of the total.

Owen Reilly. Photo: Chris Bellew / Copyright Fennell Photography
Owen Reilly. Photo: Chris Bellew / Copyright Fennell Photography

Last year, that was 15pc and three years ago 35pc of renters in the Docks were Irish.

Close to two-thirds (63.2pc) are European and 22pc are non-European.

As a result of increased demand, rents have also been surging - by 10.8pc in the last year.

The average market rent in the docklands stands at €2,226 per month compared with a Dublin apartment average of €1,473 and a nationwide apartment average rent of €1,139.

The average capped rent in the docks is €1,988. The preferred accommodation of choice is a two-bed apartment which is often shared.

However, when it comes to buying in the Silicon Docks, tech workers are estimated to account for just 13pc of purchases. Most of the landlords in the area are Irish.

Wave

Owen Reilly carries out acclimatising meetings with the international tech firms on average once every six weeks - usually upon a new wave of recruitment.

Mr Reilly said: "We get a lot of Scandinavians, Germans, French, Spanish and Italian tech workers and they are generally aged from around 25 to 35.

"When they arrive most of them want to live as close to the office as possible and this means central Dublin and the Docklands and in the main they want to rent.

"Many will be moved to another part of the world within a few years, however.

"Google is here 10 years now and those who have been here five years or more begin to regard the place as home and start to buy properties.

"Most want to rent apartments and the Scandinavians in particular are prepared to pay extra for quality - good homes with contemporary furnishings."

In Dublin 2, prices have risen above the capital average by around 12pc in the last 12 months and are predicted to rise by at least 6pc this year.

A two-bedroom apartment now sells for €400,000, up from €355,000 a year ago.

A two-up, two-down house - favoured by tech worker buyers - has increased from €360,000 a year ago to €400,000 today while artisan cottages of one bedroom are up from €375,000 to €420,000.

In Dublin 4, around Irishtown and Ringsend, another popular choice for tech workers, prices are up 7pc across all types while a two-bed apartment has increased from €442,000 a year ago to €475,000 today.

These are expected to rise over the €500,000 mark this year. Meantime, a Dublin 2 two-bed terrace house has gone up from €468,000 to €490,000 and is expected to go to €529,000 by the end of this year.

Irish Independent

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