€11,000 EXTRA FOR PROPERTY WITH SEA VIEW
37% added to coastal homes David Kitts out at house costs
SEAFRONT homes cost €11,000 more than inland properties, a report revealed yesterday.
Buyers have to pay around 37% more for houses that enjoy a maritime view, it was reported.
It was also found that homes located within a 1km radius of a Blue Flag beach will cost an extra €6,200.
The poll by Daft.ie revealed properties within 500 metres of cliffs are on an average €7,000 less expensive that similar houses further away.
Spokesman Ronan Lyons believes building more properties with a seaview might be the best way to meet the demand for these homes.
He said: “If a considerable premium exists for views, and those views are the largest at the coast, then building up at the coast may be the best way to facilitate supply to meet demand.”
Mr Lyons added it was unsurprising that properties close to the sea or with good sea views were worth more.
He said: “Until now, it was impossible to say systematically how much more properties close to the coast may have been worth.”
The research analysed more than half a million property listings, both rentals and sales, over the last decade.
Researchers then looked at the extent of sea view at the properties and the average increase in value due to it.
Martin Clancy from Daft.ie said: “These figures demonstrate for the first time the actual value associated with a sea view.
“The huge size of the data set (over 500,000 property listings) highlights in detail that buyers are willing to pay a premium for not just a sea view but also ease of access to the coast and in particular blue flag beaches.” Singer-songwriter David Kitt has blasted Fine Gael for standing by as “Dublin’s heart and soul is ripped out and sold to the highest bidder”.
The musician, 43, hit out after revealing property prices in the capital are forcing him to leave David Kitt can’t afford to live in Dublin
That’s how much extra a house 1km from a Blue Flag beach will cost
will be taken off the price if property is within 500m of cliffs
Ireland. Writing on Facebook he said: “I’m being forced to leave the country I love as I can’t afford to live in my hometown any more. I don’t want to go.
“Fine Gael are failing this city and its people massively and Dublin’s heart and soul is being ripped out and sold.
“Have we not learned anything from the last boom and bust?”