Dublin estate agents expect property values to rise by 1.6% in 2020, according to The Sunday Times Dublin Property Price Guide

  • This is the least optimistic estate agents have been about Dublin house values since the recession
  • Ranelagh, Milltown and Sandymount are among the top five most expensive areas to buy a three-bedroom property while Neilstown and Clondalkin in Dublin 22 and Ballymun in Dublin 11 are the cheapest places to invest in a residential property in Dublin
  • Brexit will continue to affect consumer sentiment in 2020 with estate agents saying it has created a nervousness among buyers

Following a mixed year for the capital’s property market, Dublin estate agents expect property values to rise by an average of 1.6% this year, according to the 2020 Sunday Times Dublin Property Price Guide, a dedicated 28-page supplement published free with The Sunday Times Sunday, 5 January.

Now in its 17th year, The Sunday Times Property Price Guide is the authoritative guide to the Dublin property market, featuring interviews with a number of Dublin estate agents who outline their predictions for the year. It also includes a detailed analysis of Dublin property prices.

Its findings indicate that estate agents are very cautious for the year ahead, making it the least optimistic that estate agents have been about house values since the recession. Predictions for the year ahead vary from no change to price increases of 5% but the vast majority of estate agents expect properties below €400,000 to perform better than larger family homes in the low to mid-market. Little upward change is expected for homes at the higher end of the market, priced at €750,000 or above.

Their cautious predictions for 2020 follow a year of mixed fortunes for the Dublin property market in 2019, where prices fell for the first time in seven years, with the latest Central Statistics Office figures indicating that the prices decreased by 1.9% in Dublin.

It is now more than three-times more expensive to buy a three-bedroom townhouse in Dublin’s most expensive suburbs than in the more affordable ones.

According to the Sunday Times Dublin Property Price Guide, the top five places for the most valuable three-bedroom homes are:

  1. Ranelagh – €670,000
  2. Milltown – €657,500
  3. Ballsbridge/Donnybrook – €645,000
  4. Portobello – €643,500
  5. Sandymount – €620,000

The top five places for affordable three-bedroom homes in Dublin are:

  1. Neilstown – €210,000
  2. Ballymun – €220,000
  3. Clondalkin – €230,000
  4. Killinarden – €230,000
  5. Darndale – €235,000

Brexit is to continue to affect consumer sentiment in 2020 with estate agents saying it has created a nervousness among buyers. Moreover, Boris Johnson’s deal passing on January 31 could see the market shift one way or the other.

Other factors to come into play in 2020 include continued tight lending regulations from the Central Bank. In addition, as more new homes are built, buyers now have greater choice and first-time buyers are availing of the help-to-buy scheme. This will result in less demand in the second-hand homes market.

Linda Daly, Editor of the Sunday Times Dublin Property Price Guide, says: “Perhaps unsurprisingly, Dublin estate agents are taking a cautious view of the year ahead. With property prices in the capital falling for the first time in seven years in 2019, many estate agents were reticent about making predictions at all. There are a number of factors at play, including mortgage restrictions, new home construction and Brexit – all of which will play a huge part in how prices will look by the end of 2020.”

The Sunday Times Dublin Property Price Guide will be followed by the Sunday Times Nationwide Property Price Guide which will be published on Sunday 12th January. For full details, pick up a copy of The Sunday Times this weekend or online at: www.thetimes.ie.

www.thetimes.ie

@SunTimesIreland