Tuesday 24 October 2017

Modest fall in price of three-bedrooms

Middle-sized houses in Dublin have not suffered as sharp a fall in price as either their smaller or larger counterparts according to Lisney's Residential value index.

It estimates that three and four-bedroom homes in Dublin have benefited from a 5pc cushion compared to apartments.

Its index shows that five-bedroom detached houses have fallen 55.3pc from their 2006 peak and two-bedroom apartments have fallen 49.5pc. Meanwhile three-bedroom houses have fallen by a more modest 44.5pc.

This trend continued into the first quarter of the current year as three-bed houses dipped 4.1pc while five-bedroom houses fell 5.6pc and two-bedroom apartments fell 6.8pc.

Marketing manager Aoife Brennan says that the difference partly reflects the much-improved affordability of three and four-bedroom houses.

Lisney also saw this reflected in the new homes market where supply of new houses is slim.

"With new apartment schemes demand is primarily for two-bed units with only very limited demand for single bed units.

"One-beds were previously purchased by investors and first time buyers. Investors have totally fallen out of the market and first time buyers are now opting for two-beds due to increased affordability," Ms Brennan says.

Irish Independent

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