Friday 20 April 2018

Bargain hunters on the trail in north inner city

GPO on O'Connell Street, Dublin 1
GPO on O'Connell Street, Dublin 1

DUBLIN 1

North City Centre, IFSC, East Wall

Up 15%

One Year Forecast: Up 9%

Average Price: €220,000

Assessing Agent: Owen Reilly Property Consultants

The Market:

Around the IFSC and the north inner city is characterised by a dire lack of supply. Despite some lingering black spots, the market here has been transformed over the past decade in particular.

The main selling points continue to be the centrality of the location, with most key traders within walking distance, and the significantly lower cost of property compared with Dublin 2 on the other side of the Liffey – the difference is €30,000 on a one-bedroom apartment.

Because so many of the apartments are in high demand IFSC schemes let to professionals, the price of a two-bed unit is often more expensive than a two-bed cottage or terrace which tend to be in poor condition in this area.

Agent Owen Reilly says a popular misconception persists that a glut of apartments abound when in fact there is now a real shortage in this location. Around the IFSC in particular there has been strong demand from both first-time buyers and investors – some of whom are buying for their children going to college in Dublin – and prices are increasing all the time. Chinese and Asian buyers also favour this area heavily.

Another misconception he says, is that Nama "practically owns the area" and is about to dump untold numbers of properties onto the market when, in fact, it has already offloaded the relatively few buildings it did have.

With 15% price hikes, this area has experienced some of the highest increases nationwide through the last twelve months and as a result investment bargain hunters are fast looking for opportunities elsewhere.

This year there is likely to be a lot of activity in the pre-63 market, particularly in Georgian buildings on Gardiner Street and around Mountjoy Square due to new council regulations requiring landlords to invest significantly in order to make these buildings compliant with modern health and safety laws. It will be a case of shape up or ship out and many of these are likely to change hands

The Prices:

1-Bed apartment:

Jan 2013: €130,000

Jan 2014: €150,000

Jan 2015: €163,000

2-bed apartment:

Jan 2013: €182,000

Jan 2014: €210,000

Jan 2015: €229,000

2-up/2 -down:

Jan 2013: €174,000

Jan 2014: €200,000

Jan 2015: €218,000

3 bed terrace:

Jan 2013: €209,000

Jan 2014: €240,000

Jan 2015: €262,000

1-bed cottage:

Jan 2013: €130,000

Jan 2014: €150,000

Jan 2015: €163,000

2-bed cottage:

Jan 2013: €157,000

Jan 2014: €180,000

Jan 2015: €196,000

Ex-Corporation 2-bed:

Jan 2013: €157,000

Jan 2014: €180,000

Jan 2015: €196,000

Ex-Corporation 3-bed:

Jan 2013: €183,000

Jan 2014: €210,000

Jan 2015: €229,000

2-bed townhouse:

Jan 2013: €174,000

Jan 2014: €200,000

Jan 2015: €218,000

3-bed townhouse:

Jan 2013: €191,000

Jan 2014: €220,000

Jan 2015: €240,000

3-bed semi:

Jan 2013: €217,000

Jan 2014: €250,000

Jan 2015: €273,000

2-bed mews:

Jan 2013: €209,000

Jan 2014: €240,000

Jan 2015: €262,000

3-bed mews:

Jan 2013: €239,000

Jan 2014: €275,000

Jan 2015: €300,000

Period two storey over basement:

Jan 2013: €243,000

Jan 2014: €280,000

Jan 2015: €305,000

Irish Independent

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