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Tuesday 17 September 2019

Home near good transport links adds more than €15,000 in value

  

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Claire Murphy

Claire Murphy

A property located close to a Luas stop or another regular transport service is worth more than €15,000 extra on average, according to a new survey.

People living in Dublin value this proximity more than the rest of the country and would pay out an additional €16,790.

The survey of 1,000 people nationwide, carried out by IReach, also found that if a property is described by vendors as being "close" to a major transport route such as the Luas or Dart, most people (59pc) would expect it to be no more than a five-minute walk away from their home.

Property development financiers Lotus Investment Group said people significantly underestimate how much more buyers will pay for houses and apartments close to major transport routes.

Research from Daft.ie last year showed commuters in the capital are paying a premium of up to €60,000 for a home located within a kilometre - a 12-minute walk - of a Luas stop.

On average, if a property is described as being "close" to a bus route or train line, people believe it should be no more than a 7.5-minute walk, according to the research.

Around 37pc of 18-34-year-olds, and 34pc of those aged 55-plus would pay €5,000 to €10,000 extra for nearby transport links.

David Grin, chairperson of Lotus Investment Group, said: "People are increasingly busy these days, and commute times have grown with more and more people on the road.

"Work-life balance has become such an important measure of people's sense of well-being and contentment, so they would be willing to pay more for a home near good transport networks."

Irish Independent

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