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Property prices on the rise in Dublin 8

Adelaide Square, Dublin 8 photo credit: Ciaron Noble

It’s fair to say the property and construction scene is booming once again in this country. Almost 400 residential properties were sold in the Dublin 8 area between January and September last year.

House prices in the last year have ranged from €170,000 to €2.4 million depending on how many bedrooms and the specific area within D8.

The average price for a one bed apartment is €229,000 according to a Daft.ie 2018 Q4 report.

€229,000 for an apartment in D8 can be considered reasonable or expensive depending on what you compare it to. It is relatively expensive when you compare it to other areas in the country or quite reasonable if you look at some of the D2 or D4 area properties on the market.

The expensive rental crisis is well-documented in the area and across the city as students are struggling to find reasonable accommodation, but there is also a high number of properties being sold in the D8 area.

Last year, the Central Statistics Office (CSO) reported that employment rose by 3.1%. The highest recorded figure for employment was back in 2007 where it was said to be 2.237 million. This figure has risen to 2.28 million in Q4 of 2018 according to the CSO.

With employment at an all time high, more and more people are looking to get on the property ladder instead of paying extremely high rent. First time buyers are looking for value for their money in property as well as investment potential.

Regeneration projects are ongoing in multiple areas including Cork Street, where there is to be a new student accommodation development in the former Donnelly Centre.

There is another regeneration project ongoing in Dolphin’s Barn where “three of the existing apartment blocks are being refurbished to give 63 units while there are an additional 28 new build apartments and 9 houses also provided, giving 100 units in total [for development]”, according to the Irish Architecture Foundation website.

Inchicore is another area in D8 where a lot of properties have been sold recently. In the last year alone, over 30 properties were sold, as reported by the property price register.

D8 is a more financially suitable area for both first time buyers and those with families. A three bed semi averages at €429,000 whereas its over €100,000 more expensive in D2 and double that in D4 according to the Daft.ie 2018 report which provided a table of average prices in each area.

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