Dublin estate agents expect property values to rise by an average of 3.8% this year – less than half the increase predicted in 2018, according to the 2019 Sunday Times Dublin Property Price Guide, which was published yesterday.
Its findings indicate that estate agents are more cautious for the year ahead, following a subdued 2018 for the Dublin property market, when prices continued to rise but by less than had been expected.
Many estate agents point to the possibility of a Brexit no-deal scenario having a significant adverse effect on Irish consumer confidence, which could lead to a downturn in the market. Predictions for the year ahead vary from no change to price increases of 7%, but the vast majority of estate agents foresee increases of 3-5% in the low to mid-market.
Little upward change is expected for homes at the higher end of the market, priced at €750,000 or above. Significantly, while price inflation will slow, many estate agents still expect to see small increases.
The cheapest areas to buy property in Dublin are located in Ballymun, in Dublin 11, Neilstown in Dublin 22, and Darndale in Dublin 17. An average three-bedroom townhouse in Ballymun costs €210,000; in Neilstown it costs between €200,000 and €220,000 and a similar property in Darndale will cost in the region of €225,000.
However, a three-bedroom townhouse in Dublin’s most expensive suburbs will cost up to three times as much, with average prices of €650,000 in Ranelagh, Dublin 6, and €625,000 in Ballsbridge and Donnybrook, Dublin 4.
The report shows that one area that has really grown in popularity and is now also leading the field is Portobello in Dublin 8, where a three-bedroom townhouse is valued at an average of €625,000.
Commenting on the research, Editor of the Dublin Property Price Guide, Linda Daly said, "It’s clear that the rapid growth in Dublin’s property prices witnessed since the crash is now beginning to slow, with estate agents adopting a much more conservative outlook for the year ahead compared to 2018. At the same time, however, there remains a stark contrast in pricing across the different postcodes."