Dublin 4 property shortage helps to keep prices buoyant
DUBLIN 4
AVERAGE PRICE: €570,000
Ballsbridge, Ringsend, Irishtown, Sandymount, Donnybrook, Merrion
Change: No change
One Year Forecast: No change
Assessing Agent: Sherry FitzGerald
THE MARKET
Herbert Park in Dublin 4 was recently at the centre of a controversial property demolition. Last September, the home of Michael Joseph O’Rahilly, the only leader to be killed during battle in the 1916 Rising, was bulldozed to the ground despite objections from historians, councillors and the department of art and culture.
Residents weren’t too happy about it either. Calls have been made to rebuild the house, with locals wanting a review of the planning for the site, where 105 apartments are due to be constructed. While this development may not be what people in Dublin 4 had in mind, it’s clear that there’s still a shortage of properties alongside the pandemic.
“While last year was busy enough with pent-up demand after lockdown, the issue is the level of stock on the market,” notes Christopher Bradley of Sherry FitzGerald. He added that vendors are starting to get in touch with instructions to put their homes on the market, but nowhere near the levels needed.
This is the reason behind values holding their own in this part of the city. While, on average, most property types have not seen any increases, homes that have come to the market in walk-in condition are seeing modest growth.
During the pandemic, those looking to buy have kept themselves busy with virtual viewings so when the country reopened after lockdown, they were ready to go. What was on the market went sale agreed quickly, but at the same time Bradley notes that while the demand is out there, buyers have been careful to not get carried away.
The wish list for buyers in Dublin 4 has changed and space to work from home and a decent garden are now top priorities. Houses up to €1m in areas like Sandymount, Donnybrook and Ballsbridge are in big demand, while Ringsend and Irishtown remain popular with younger buyers.
Bradley noticed that while turnkey properties are more desirable, most buyers aren’t turned off by a renovation project, despite rising costs of building work.
While Bradley doesn’t see prices rising at all in 2021, he does think there may be a slight decrease of about 3pc in the value of some apartments in the coming year.
This is because many of these apartments had been high-end rentals for executives coming from overseas. With these executives now back home for the foreseeable future, investing in apartments to let in Dublin 4 won’t be such an attractive option.