Wednesday 25 April 2018

Dublin 24: Rental market drives apartment price rises in D24

730 Virginia Heights, Tallaght, Dublin 24. Sold for €226,000.
730 Virginia Heights, Tallaght, Dublin 24. Sold for €226,000.

The big story for the Dublin 24 market this year is the revival in the fortunes of the apartment market which had long languished through oversupply in the wake of the crash, leaving some unfinished schemes.

The driver was a squeeze of supply in the rental market. "Apartments sold quite well due to the increase in rents," says Marc Browne of the local DNG branch. "Once again, it's cheaper to buy than it is to rent."

Last year saw those seeking to trade-up in Tallaght struggling in particular - with asking price corrections and the 20pc deposit and loan-to-value restrictions. "Those seeking to trade up to a four-bed house are the ones who are being squeezed the most in D24," says Browne.

"We saw more entry-level transactions than anything else at prices up to €220,000. The 10pc deposit up to that figure means it is really all about first-time buyers at the moment. As the year moved on, houses in the €150,000-€200,000 market performed strongly.

As in other parts of the city, Browne says that older, traditional estates are coming back into favour with many buyers.

"Glenview, in the older part of Tallaght towards the M50, and Bancroft, which is the oldest estate in Tallaght, are very popular.

"They have big gardens and better proportions than some of the newer estates. Kilnamanagh is another estate that's in demand because it has good schools."

For 2016 he predicts similar low single-digit growth.

Irish Independent

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