Tuesday 20 February 2018

Dublin 11: D11 'most under-valued postcode'

32 Pinewood Crescent, Glasnevin, sold last January for €435,000
32 Pinewood Crescent, Glasnevin, sold last January for €435,000

Most of the activity in Dublin 11 is now being driven by first-time buyers and those trading up, rather than investors. "People who grew up in the area and bought further afield are now keen to get back to their roots and to the city," says local agent Patrick Leonard, who takes the view that Dublin 11 is still the most undervalued postcode in the post-crash recovery, with decent parks and infrastructure.

It's close to colleges and the M50, and the upgraded bus corridors have shortened commuting times. Investors realised this a few years ago, and back in 2011, when the local market was very flat, there were investors flying in from France and Spain at the weekends to buy cheap property. "They could see Finglas was the place to invest, but we couldn't." That has changed. "These days, it's all owner-occupiers."

Leonard is keen to discount the myth that prices in Dublin 11 are rocketing constantly, reporting instead that values increased in the first half of 2017, then stabilised in the latter part. "There weren't 50 parties at every viewing by the end of the year," he says. "Usually, it was two three or four couples, indicating a good, normal market."

Finglas East and Finglas Park are among the most in-demand areas, says Leonard, and properties there have seen significant appreciation over the past year, "These are older houses with large back gardens. It's a sleepy area, with many older owners. Houses there are now making €350,000 if they are in very good condition, but you could pick up something for €275,000 needing renovation."

Values in Ballymun remain constant - "neither up nor down". Investors are more active in this part of the postcode, and Leonard says Irish buyers from outside Dublin see the value in property close to DCU. Poppintree is more sought-after than Ballymun, its proximity to Glasnevin making it more desirable. "A shrewd purchaser tries not to get too hung up on an address," says Leonard. "There is value for money in Dublin 11 because of its proximity to the city, and a good mix of all house types keeps prices real."

As for the year ahead, with Brexit looming, Leonard says, "There is already much uncertainty so I see prices staying relatively stable."

Irish Independent

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