Thursday 24 May 2018

'LUAS route worth billions to local Finglas economy', says Trinity expert

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A LUAS tram. Photo: Arthur Carron
A LUAS tram. Photo: Arthur Carron

Laura Lynott

Trinity College economist Constantin Gurdgiev has estimated the Luas could bring up to €10bn to the Finglas economy within 10 years - and create up to 20,000 jobs.

The professor of business and administrative studies said he would expect to see a “significant increase” in Finglas property prices.

If the planned Luas line becomes reality, the economist predicts Finglas can “easily assume” new private housing development in the region of up to €6bn within five years.

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Mr Gurdgiev said the estimate only relates to property markets and is based on the assumption that the local authority will prioritise the “smart use” of revenues to foster development.

If this happens, Mr Gurdgiev feels the potential is there to transform Finglas over the first 10 years from the Luas being introduced.

“We can expect private investment in non-property- related business activities of €2-€4bn,” he added.

“This can sustain around 19,000-20,000 jobs. How these benefits will be distributed between Finglas and other areas along the corridor is hard to determine and will depend on the ability of Finglas to develop and implement a successful strategy for competitively differentiating itself from other parts of Greater Dublin.

“Given the nature of competition and the fact that Ireland 2040 will provide investments in infrastructure beyond the Finglas Luas extension, it will be a very competitive space.”

The economist labelled Project Ireland 2040 as “an ambitious plan for strategic development” but said it didn’t aim to achieve a more balanced infrastructure, social or economic impact in terms of regional development.

“As such, regeneration of key strategic regions and areas are a core priority,” he said.

“North Dublin and adjoining areas fall within the plan remit.

“Unfortunately, from the Finglas perspective, Ireland 2040 offers virtually no new investment initiatives beyond the Luas line extension, a project flagged for prioritisation some years ago.

“But the Luas line to Finglas will create new investment opportunities in what is currently one of the least developed areas in the north Dublin region.”

For more information on Project Ireland 2040 visit the official website 

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For more information on Project Ireland 2040 visit the official website 

Herald

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