Blog post by Owen Reilly, May 30th 2017
The rise of Dublin 8 was inevitable. For first-time buyers, for buyers trading up, and for buyers in search of interesting renovation projects, the historic neighbourhoods of Dublin 8 offer a winning combination: a diverse housing stock of great interest within close proximity of the city centre; established communities; ever-evolving amenities. Without doubt, the postcode is a mix of highly developed and less developed areas – all part of its charm – but, overwhelmingly, it is on the rise.
Public and private sector focus attract visitors and residents
While the National Children’s Hospital at St James’s Hospital will help rejuvenate parts of Dublin 8, Dublin City Council will also encourage the development of vacant sites throughout the postcode; significantly, plans are now advanced for more than 1,000 homes on three vacant sites off the South Circular Road. (The much-talked about ‘vacant property tax’ is something we would welcome.) Recent years have seen a revival of the area’s rich history of distilling and brewing that, most famously, features the world-famous Guinness brewery at James’s Gate. Dublin 8 is at the epicentre of the booming whiskey, artisan distilled spirits and craft beer industries. As well as the other key tourism sites, and the independent restaurants, Bastible, Union 8 and their friends, for which Dublin 8 is now well-known, new breweries and distilleries are attracting visitors in their thousands; the Maldron and Marriott chains are developing hotels on Kevin Street and in Blackpitts respectively. Hundreds of students will add to the population this September when 400 and 500-bed residences on Mill Street and at the Digital Hub open for business.
Across the postcode prices are rising
From Portobello and The Liberties, both within walking distance of the city centre, to Inchicore, Rialto and Kilmainham, all within easy reach of the city centre via the Luas Red Line tram, property prices are rising. According to Daft.ie (April 2017), average asking prices have risen nationally by 40% since their lowest point in 2013; since 2013 average asking prices have risen by 56% in The Liberties and 91% in Portobello (according to propertyweek.ie). Based on figures collated from the Property Price Register and propertyweek.ie, average asking prices per square metre for Portobello are €3,708 (€344 per sq ft) and €5,089 (€472 per sq ft) for apartments and houses respectively. (See below 1) These prices reflect low availability and the overall recovery in prices – and the ever-increasing desirability of city living.
The varied and interesting housing stock
From Kilmaiham to Dophin’s Barn to The Liberties, all Dublin 8 neighbourhoods offer colour and interest and there is a great variety of housing stock available. Leafy Portobello is the area’s prime market where six redbrick properties sold in 2016 for more than €700,000. (A period home at the corner of Heytesbury Street and the South Circular Road is currently on the market for €1.25M). At the other end of the market, an artisan cottage is for sale for under €200,000 in Rialto and, in between, there are more elaborate cottages and small twentieth century houses, with off-street parking and gardens, in The Liberties, Inchicore, Rialto and Dolphin’s Barn. Apartments are available throughout the postcode; we are marketing a two-bedroom apartment (pictured) at Adelaide Square on Whitefriar Street at €390,000.
Against the much-documented backdrop of low stock of housing available, demand for property in Dublin 8 is very strong. We are loving Dublin 8 and see excellent potential for continuing strong price growth.
1 We collated some interesting property price information on Portobello; to see it, please click here.
Blog post by Owen Reilly, May 30th 2017
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