Monday 17 December 2018

Dublin 7: Cabra and Navan Road attracting new families to Dublin 7

60 Cabra Park, Phibsborough, sold for €560,000 last September
60 Cabra Park, Phibsborough, sold for €560,000 last September

The last 12 months in Dublin 7 were all about the Luas effect, and marked the second of two sharply inflationary years in a row, thanks in large part to the impact of the extension of the Green Line as far as Broombridge.

In the past, the addition of the Luas increased prices along the southern extremities of the Green Line by around 30pc through the initial years. The same appears to be happening here.

Combined with the QBC, the light rail has made Dublin 7 very convenient to the city centre. Values in Cabra, where cheaper and more affordable family- sized houses have traditionally been available, increased most significantly.

"It used to be that young couples wanted gardens and kitchens, but now it's all about public transport," says local agent, Vinnie Mullen. "Very few families would have two cars."

Pre-63 properties were in demand from interim investor/developers who did not want to become end-user landlords but were buying rundown properties divided into five or 10 flats, bringing them up to an excellent standard by installing fire alarms, new kitchens and bathrooms and selling them on again to foreign investors to hold as long-term investments.

Meantime, Mullen says about 20pc of multi-occupancy properties were bought by owner- occupiers who intended to return them to single-family use. Mullen also reports keen interest from owner-occupiers in apartments in Dublin 7.

"A one-bedroom apartment in Dakota Court in Phibsborough that might have been worth €180,000 a year ago is selling now for €230,000. Those apartments are at the back of Mountjoy and finished in similar brick; they're very attractive. With the increase in values, bringing the properties out of negative equity, and the imposition of the rent cap, we saw more investors selling up. They mightn't have increased rents for a few years and then the cap came in, and now they have decided to get out of the market."

Elsewhere in Dublin 7, family homes in Kinvara, off the Navan Road, performed strongly, with values of some three-bedroom terraced houses increasing by almost 30pc over the last year. "There is a really nice community there," explains Mullen, "with good schools and the Oliver Plunkett GAA club. And anyone who runs likes the proximity to Phoenix Park."

New student accommodation attached to Grangegorman has taken some of the heat out of the rental market in D7, says Mullen, though no new apartments have been built there since 2007.

Looking to the future, Mullen says that the redevelopment of Dalymount Stadium, which is starting early this year, will provide a much-needed "tidy-up" of the area, while plans for the redevelopment of Phibsborough Shopping Centre are not expected to kick off until 2019.

He predicts growth of a further 8pc this year.

Irish Independent

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