Tuesday 23 October 2018

Houses on new Luas line on track to see values soar

Besides Dublin 7, the new line crosses parts of Dublin 1 and 2 where there are relatively few residential properties. Photo: Stephen Collins/Collins Photos
Besides Dublin 7, the new line crosses parts of Dublin 1 and 2 where there are relatively few residential properties. Photo: Stephen Collins/Collins Photos
Charlie Weston

Charlie Weston

The impending opening of the new Luas Blue line in Dublin is leading to a surge in property prices near the tram tracks.

Prices have jumped by up to €75,000 as buyers who commute into the capital scramble to buy near the line.

Asking prices are up more than 20pc in the first nine months of the year in parts of Dublin 1 and Dublin 7, according to an analysis of the official Property Price Register by website MyHome.ie.

This compares with average increases in asking prices in Dublin this year of around 11pc.

The new analysis shows that the average asking price in Stoneybatter is €374,000.

This is €74,000, or 25pc, ahead of the average selling price of €300,000, achieved in the first three quarters.

Besides Dublin 7, the new line crosses parts of Dublin 1 and 2 where there are relatively few residential properties.

The average sold price in the North City Centre for the first three quarters was just over €291,000. However, asking prices in the Dominick Street area - where a new Luas stop is located - are now around €356,000, an increase of 22pc.

In nearby Cabra, which will have two Luas stops, the average asking price is now €337,000. This is up €30,000 from the average selling price. Neighbouring Phibsboro has one the highest average sold prices of €359,000 in Dublin 7 with the average asking price currently set at €349,000.

The Luas Blue line opens this Saturday. It will allow people to travel from Cabra to St Stephen's Green via Phibsborough, Stoneybatter, the North City Centre, Parnell Square, O'Connell Street, Dame Street and Dawson Street. It will also connect up the Red and Green lines.

MyHome.ie managing director Angela Keegan said the data indicated that the Luas together with the shortage of affordable properties was causing a spike in prices in some areas.

Irish Independent

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