Sunday 17 December 2017

Dublin 4: Cash is king in Ireland's most expensive postcode

61 Eglington Road, Donnybrook, Dublin 4. Sold for €3,600,000.
61 Eglington Road, Donnybrook, Dublin 4. Sold for €3,600,000.
3 Clyde Road, Ballsbridge. Sold €2.85m

Cash buyers are still strongly in evidence in Dublin 4 - Ireland's most expensive address and the location where the city's most exclusive trophy homes are located.

But because 2014 was such an explosive year for prices in Dublin 4 (they rose by 20pc), vendors came into last year with unrealistic expectations of substantial automatic price hikes.

These went largely unrequited and led to a very quiet start to 2015 for activity. It took time for unrealistic expectations to dissipate but eventually they did and the second half of the year saw considerably more activity. As a result, prices now stand at around 7pc higher than they did a year ago.

"We noticed this particularly in relation to apartments and the level of activity in that market, as there had been such a rush to get transactions completed due to the expiration of the CGT relief towards the end of 2014," says Christopher Bradley of Sherry FitzGerald.

"The Central Bank requirements slowed things down in 2015 too. But there are plenty of cash buyers around still, and they have money to spend."

Most in demand in Dublin 4 are good three- and four-bed family homes in Sandymount, in established locations such as Farney Park, Sandymount Road and Claremont Road.

"The lower and mid end properties below €1m change hands fastest in four to six weeks while deals at the upper end of the market take much longer.

"We may see prices stay level over the coming year. But generally we are predicting a single digit increase of about 4pc in Dublin 4," says Bradley.

He notes no significant impact on prices in the area from the incinerator, on which construction has begun.

"Perhaps that will have an effect on prices on properties looking out at the bay," he says, "but most of the homes that we are handling are all set back a bit nearer the village and have not been affected.

Irish Independent

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