Monday 11 December 2017

Dublin 11: Middle East and Asia investors boost sales

15 Willow Park Grove, Ballymun/Glasnevin, sold for €471,000
15 Willow Park Grove, Ballymun/Glasnevin, sold for €471,000

Inflation is taking priced-out couples from Dublin 7, 8 and 9 into Dublin 11 and inflationary conditions are bringing buyers in from very far afield, says Aidan Horan of Wilson Moore, who noticed a big change in the type of buyer who is now interested in Dublin 11, with prices increasing by 8pc in the year to date.

"We actually saw lots more cash investors from Asia and the Middle East; they were buying two-bed apartments and three-bed townhouses. The first-time buyers had reigned in their expectations and were prepared to look at three-bed duplexes with good access, rather than just houses," says Horan.

"We saw a change in the type of property that was in demand. There is more new development underway and that will cater for some of this.

"But there was an average of 1,000 new households being formed in Dublin each month in 2016, and only 25pc of that number of new homes coming on the market. Building activity is lagging behind the increase in population.

"The Luas coming to north Dublin is very positive, and helps parts of D11 around the Old Finglas Road."

Horan says his agency sold between 20 and 25 properties each month, most of which sold within five to 10 weeks.

During 2016, the areas most in demand in Dublin 11 included the 10-year-old Melville estate, homes in Scribblestown which were built in the 1990s, and the mature houses on Plunkett Road. Horan also saw strong demand for houses in Lanesboro, where a new development is due to come on stream later this year.

Irish Independent

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