House prices in Dingle on steep upward spiral

HOUSE prices are continuing to rise dramatically in West Kerry, to the extent that some local property experts fear we could be approaching the peak of another property bubble.

In recent years house prices have climbed rapidly. An assessment of enteries in the Residential Property Price Register gives an average price in the region of €226,000 for a standard house in Dingle. This compares with an average house price across Kerry of €186,000, according to the Daft.ie House Price Report, for the first half of 2018.

The significantly higher price of houses in Dingle would tend to substantiate reports and anecdotal stories of people with full time jobs being forced to commute from Tralee and other parts of Kerry where they have managed to find more affordable accommodation.

Figures on the Residential Property Price Register for the sale price of houses in Gortanora, which were originally developed by Southbound Properties, provide an example of some of the lows and highs of the property market. Six houses in Gortanora were sold for a price of €50,000 each in 2016, according to the website. Two of those same houses were re-sold this year for €200,000 and €205,000 apiece.

A similar trend is to be seen elsewhere in Dingle. In Marian Park - a former ‘council estate’ a house that was sold for €100,000 in 2016 was re-sold earlier this year for €195,000. Outside of the town centre, houses in Cois Chnoic, near Ballinassig, commanded vastly different prices over the space of just a few of years. In 2014, one house fetched €95,000 and a neighbouring house was sold early this year for €185,000. However, it should be noted that, in some cases, the higher re-sale prices may reflect refurbishment costs.

Notwithstanding this, one source who is very experienced in the local property market, said that the current house price inflation in Dingle is worryingly similar to the property bubble that devastated the country’s economy in the crash of 2008.

The figures show a continuing rise in house prices in Dingle since the property crash, however this trend has escalated dramatically over the past three years, bringing Dingle prices well above the county average.