{"id":5451,"date":"2024-01-14T11:49:12","date_gmt":"2024-01-14T11:49:12","guid":{"rendered":"https:\/\/uniquemedia.ie\/?p=5451"},"modified":"2024-01-14T11:49:20","modified_gmt":"2024-01-14T11:49:20","slug":"house-prices-in-commuter-areas-and-parts-of-north-county-dublin-are-expected-to-experience-growth-of-5-over-next-12-months-nearly-twice-the-average-forecast-of-2-7-the-sunday-times-dublin-proper","status":"publish","type":"post","link":"https:\/\/uniquemedia.ie\/house-prices-in-commuter-areas-and-parts-of-north-county-dublin-are-expected-to-experience-growth-of-5-over-next-12-months-nearly-twice-the-average-forecast-of-2-7-the-sunday-times-dublin-proper\/","title":{"rendered":"House prices in commuter areas and parts of north County Dublin  are expected to experience growth of 5% over next 12 months,  nearly twice the average forecast of 2.7% &#8211; The Sunday Times  Dublin Property Price Guide"},"content":{"rendered":"<p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-102 aligncenter\" src=\"https:\/\/uniquemedia.ie\/wp-content\/uploads\/2021\/10\/Times-300x300.jpg\" alt=\"\" width=\"300\" height=\"300\" srcset=\"https:\/\/uniquemedia.ie\/wp-content\/uploads\/2021\/10\/Times.jpg 300w, https:\/\/uniquemedia.ie\/wp-content\/uploads\/2021\/10\/Times-80x80.jpg 80w, https:\/\/uniquemedia.ie\/wp-content\/uploads\/2021\/10\/Times-36x36.jpg 36w, https:\/\/uniquemedia.ie\/wp-content\/uploads\/2021\/10\/Times-180x180.jpg 180w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<ul>\n<li><strong>Property value in Dublin expected to rise by average of 2.7% in 2024, a 0.2% increase on the forecasted figure of 2.5% for 2023<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li><strong>The city centre market has experienced a complete about turn, with owner-occupiers now accounting for the majority of buyers, as investors flee the market<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li><strong>Ballsbridge \/ Donnybrook \/ Sandymount, Ranelagh and Milltown revealed as most expensive areas in Dublin for three-bed houses while Neilstown, Ballymun and Killinarden \/ Kiltipper are most affordable<\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<ul>\n<li><strong>Rising costs and lack of available builders are deterring homeowners from renovating, extending or retrofitting <\/strong><\/li>\n<\/ul>\n<p><strong>\u00a0<\/strong><\/p>\n<p>&nbsp;<\/p>\n<p>Commuter areas such as Dublin 10, 12 and 20, Howth and Sutton and parts of North Dublin are forecasted to experience a 5% growth in property prices this year while a large swathe of postcodes are expected to experience just 2% growth, according to the 2024 Sunday Times Property Price Guide, a dedicated 28-page supplement which will be published free with the Sunday Times this Sunday, 14<sup>th<\/sup> January.<\/p>\n<p>&nbsp;<\/p>\n<p>The Sunday Times Property Price Guide, now in its 22<sup>nd<\/sup> year, 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.<\/p>\n<p>&nbsp;<\/p>\n<p>Dublin estate agents expect property values to rise by an average of 2.7% this year. This figure shows that the market should experience only marginal growth if any this year, as it is just a 0.2% increase on the forecasted figure of 2.5% for 2023.<\/p>\n<p>&nbsp;<\/p>\n<p>Owner-occupies currently account for 80% of buyers in Dublin 1 and 70% in Dublin 2, which is the opposite to what was happening just a few years ago. The exodus of landlords from the rental sector is also leading to bidding wars for starter homes. The scarcity of property at all levels is making it impossible for every generation to \u2018rightsize\u2019, with no options for empty nesters to trade down within their community, and families forced to choose between value and quality of life and living in close proximity to their parents and work.<\/p>\n<p>&nbsp;<\/p>\n<p>Estate agents across the 26 areas of Dublin city say their main concern is the low levels of residential stock, particularly turnkey, energy-efficient homes. This demand is a result of rising renovation costs, lack of available builders and rental properties.<\/p>\n<p>&nbsp;<\/p>\n<p>The crisis in the rental sector and the lack of new developments and housing stock on the horizon is forcing potential buyer\u2019s hands, and leading many to seek better value, work-life balance and more spacious homes in smaller cities and coastal towns elsewhere in the country.<\/p>\n<p>&nbsp;<\/p>\n<p>This report reveals that, at the upper end of the market, cash buyers unaffected by the rise in interest rates are buying already-renovated period properties and luxurious family homes in Dublin 4, 6, 8 and 14. Returning emigrants and international buyers are snapping up energy-efficient properties in Castleknock and Dublin 18 respectively.<\/p>\n<p>&nbsp;<\/p>\n<p>The Sunday Times Property Price Guide also reveals that <strong>the top five most expensive examples of three bed houses in Dublin are in the following locations:<\/strong><\/p>\n<ol>\n<li>Ballsbridge \/ Donnybrook \/ Sandymount &#8211; \u20ac1.1m<\/li>\n<li>Ranelagh &#8211; \u20ac920,000<\/li>\n<li>Milltown &#8211; \u20ac875,000<\/li>\n<li>Malahide \/ Monkstown &#8211; \u20ac810,000<\/li>\n<li>Carrickmines \/ Clontarf &#8211; \u20ac800,000<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p><strong>The top five most affordable examples of three-bed homes are unveiled as:<\/strong><\/p>\n<p>&nbsp;<\/p>\n<ol>\n<li>Neilstown &#8211; circa \u20ac265,000 (median)<\/li>\n<li>Ballymun \/ Killinarden \/ Kiltipper &#8211; \u20ac280,000<\/li>\n<li>Darndale &#8211; \u20ac285,000<\/li>\n<li>Springfield &#8211; \u20ac290,000<\/li>\n<li>Clondalkin &#8211; circa \u20ac315,000<\/li>\n<\/ol>\n<p>&nbsp;<\/p>\n<p>Further key insights revealed in the Sunday Times Property Price Guide include:<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li>\u201cInvestors don\u2019t want to buy rent-capped apartments so there was less demand for one-bedroom apartments in Dublin 2 than there used to be,\u201d Estate agent Owen Reilly says. \u201cThe supply of rentals in Dublin 2 is up as a result of landlords leaving the market\u201d<\/li>\n<li>Nearly all agents reported a preference for homes in turnkey condition with a high BER, as period properties and second-hand homes in need of renovations are slow to sell due to rising material costs and the availability of builders<\/li>\n<li>Over half (55%) of buyers bought with cash last year in Dublin 2, so the increase in interest rates did not affect them. Cash buyers are also typical of Dublin 4 and Dublin 6, with returning emigrants often forced to join bidding wars or waiting lists for their dream home<\/li>\n<li>Fixer-uppers are not desirable as one estate agent estimates building costs to be 20% more than before Covid<\/li>\n<li>We\u2019re likely to experience similar market conditions and trends going forward as we did in 2023. \u201cThe only difference is that interest rates are likely to stabilise. We\u2019ve had 10 hikes over 40 months, and that\u2019s going to help with affordability,\u201d according to Deirdre O\u2019Gara of Mullery O\u2019Gara<\/li>\n<li>Listings in Dublin are down 35% year-on-year.<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p><strong>R\u00f3is\u00edn Healy, Deputy Features Editor with The Sunday Times, says:<em> \u201c<\/em><\/strong><em>With landlords fleeing the market and all the estate agents across Dublin reporting a chronic lack of supply, the property market in the city is struggling. Unless you are a cash buyer who can win a bidding war for a premium home in a prime location, selling your home is taking a leap of faith. Many homeowners are choosing to stay put or leave the city as the prospect of renting while waiting to find and buy a new home is unviable. Demand is falling, not because people don\u2019t want houses, but because supply just isn\u2019t there, which isn\u2019t healthy for the market.\u201d<\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p>The Sunday Times Dublin Property Price Guide will be followed by the Sunday Times Nationwide Property Price Guide which will be published on Sunday 21<sup>st<\/sup> January. For full details, pick up a copy of The Sunday Times this weekend or online at <a href=\"http:\/\/thesundaytimes.ie\/dublinpropertyprices\"><em>thesundaytimes.ie\/dublinpropertyprices<\/em><\/a><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><strong>For more information visit <\/strong><a href=\"http:\/\/thesundaytimes.ie\/dublinpropertyprices\"><strong><em>thesundaytimes.ie\/dublinpropertyprices<\/em><\/strong><\/a><\/p>\n<p><strong>or follow The Sunday Times Ireland on Twitter <\/strong><a href=\"https:\/\/twitter.com\/ST__Ireland\"><strong>@ST__Ireland<\/strong><\/a><strong>, Instagram <\/strong><a href=\"https:\/\/www.instagram.com\/sundaytimesireland\/\"><strong>@sundaytimesireland<\/strong><\/a><strong>, Facebook <\/strong><a href=\"https:\/\/www.facebook.com\/thesundaytimesIE\"><strong>@thesundaytimesIE<\/strong><\/a><strong> and LinkedIn <\/strong><a href=\"https:\/\/ie.linkedin.com\/company\/the-sunday-times-ireland\"><strong>@The Sunday Times Ireland<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Property value in Dublin expected to rise by average of 2.7% in 2024, a 0.2% increase on the forecasted figure of 2.5% for 2023 \u00a0 The city centre market has experienced a complete about turn, with owner-occupiers now accounting for the majority of buyers, as investors flee the market \u00a0 Ballsbridge \/ Donnybrook \/ Sandymount, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":102,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"_links":{"self":[{"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/posts\/5451"}],"collection":[{"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/comments?post=5451"}],"version-history":[{"count":2,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/posts\/5451\/revisions"}],"predecessor-version":[{"id":5453,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/posts\/5451\/revisions\/5453"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/media\/102"}],"wp:attachment":[{"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/media?parent=5451"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/categories?post=5451"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquemedia.ie\/wp-json\/wp\/v2\/tags?post=5451"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}