Dublin Home Buyers Continue to Pay High Premium for Convenience
The typical price of a three-bedroom family home near one of Dublin’s rail stations is €439,000, nearly 10% higher than an average price in the capital for this kind of property (€401,000).
Daft has today launched their 2019 H2 Luas & DART House Price maps. The research, which led to the creation of these maps, analysed the average asking prices for two and three bedroom homes (controlling for time, size and type) within 1km to each of the 98 Dart & LUAS stops and stations in the Greater Dublin Area for the period between October 2018 and September 2019.
As seen on previous Daft Luas and DART House Price maps the rail line with the highest average price nearby is the DART, where family homes near the typical station cost €579,000. The Green Line is the next most expensive, at €545,000. Family homes near the Red Line (€391,000) and near Commuter Rail stations (€320,000) are significantly cheaper.
Prices near DART stations are among the most expensive analysed with Dalkey (€828,000), Sandymount (€826,000), Lansdowne Road (€798,000) and Sydney Parade (€758,000) accounting for four out of the five most expensive rail stations to live by.
On the Luas, homes by the Beechwood stop command the highest average asking price (€783,000) on the green line while those living close to Spencer Dock pay the most on the Luas red line (€679,000.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin said, “Transport infrastructure is known to have a big impact on property values nearby. Over the last three decades, transport infrastructure in the Greater Dublin area has changed beyond recognition, with the addition of the DART, the two Luas lines and their extensions, and the motorway network. The latest figures confirm that these public investments have had private effects, with homeowners nearby seeing their property values increase. These findings suggest a rationale for “value capture”, in other words, where the taxpayer brings about an increase in wealth by paying for new infrastructure, it shares in part of that new wealth. With more rail stations and a Metro due to open in the coming years, whether taxpayers get any dividend on the investments they make remains a question that only policymakers can answer.”
Commenting on the report, Raychel O’Connell, Communications Manager at Daft.ie said: “The Government intends to spend an extra €385 million next year on new trams, rail cars and other transportation measures, such as the advancement of the proposed metro rail line project. This is worth bearing in mind if you are considering investing in property in the capital. Our Luas and DART house price maps consistently show that buyers will pay a high premium for shorter commuting times and reliable rail transportation.”