The Sunday Times, Sunday, January 8th 2017
Dublin 2
South city centre, Grand Canal Dock CSO average house price: €359,384 2017 prediction: up 5%
Despite a busy start to the year, the rate of property transactions in Dublin 2 slowed in the second quarter of 2016, falling by about 33%.
It picked up again in the third quarter, when every property that estate agent Owen Reilly sold went to cash buyers.
There was intense interest from investors, particularly at Grand Canal Dock, where rents continue to rise.
Dublin 2 includes the Georgian city quarter, 1990s shoebox apartments schemes on the docks, all achieving a wide variety of prices, up on average by 6% in 2016. Apartment prices in Grand Canal Dock rose by 10%. The inventory of homes for sale in Dublin 2 remained high, with boom-time apartment buyers trapped by negative equity.
The average selling time in the first quarter of 2016 was seven-and-a-half weeks. by the the end of the year it wad down to little more than four weeks. Reilly’s average asking price was €465,882; his average agreed price was €485,588.
On the luxury side, the penthouse at Forbes Quay came on the market in September, with an asking price of €1.4m, and went sale agreed before the year’s end. With developments such as Boland’s Quay not due for completion until next year, supply will continue to be an issue, with prices pushed up by 5% and more.
“There is one caveat: the market feeds on confidence and it likes certainty”, says Reilly. “The political situation in American and Europe, where there will be key elections next year, will have a big impact on the market here.”
The Sunday Times, Sunday, January 8th 2017
To view the article on-line, please click here.
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