Wednesday 21 March 2018

Oversupply turns affluent suburb into housing 'blackspot'

Charlie Weston Personal Finance Editor

THE affluent south Dublin suburb of Sandyford has been identified as one of a number of housing "blackspots" where huge oversupply is set to make it harder to sell properties than in other parts of the country.

Research has also pointed to Carlow, Cavan, Mullingar in Offaly, and Tallaght in Dublin as areas where house prices are unlikely to rise for a long time because there are simply too many properties for sale.

Each of these housing blackspots have up to 2,000 units which remain unsold, new research from estate agents Savills shows.

Other areas with an oversupply of housing include Finglas in Dublin, Leitrim and the northern fringe area of Dublin, which includes Clongriffin, the Irish Independent has learnt.

The research indicates that it will be a number of years before buyers can be found for properties in these areas.

There are more apartments than houses for sale in areas that are oversupplied, head of research at Savills, Joan Henry, said.

Among the areas with the highest level of oversupply is Sandyford, despite the area being on the Luas light railway system. Some 1,400 housing units remain unsold.

The northern fringe area of Dublin, which includes Belmayne and Clongriffin, has 1,400 unsold apartments and houses. Tallaght in Dublin has 1,000 housing units, while Finglas is next with 500 unsold houses and apartments, Ms Henry added.

Savills said that there was also a big problem with an oversupply of housing in rural areas.

"It will be a number of years before some of the rural developments can find buyers, but the prospects for those in the cities are much better," Savills' Ronan O'Driscoll said.

Other areas of the country have a shortage of housing for sale. These areas include Naas, Swords, parts of south Dublin and Cork city.

Irish Independent

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