South Dublin property prices on the increase

THE price of an average three-bedroom semi-detached house in South Dublin has risen by 2.19 per cent to €350,000 in the last three months, according to a national survey carried out by Real Estate Alliance.

The REA Average House Price Index concentrates on the sale price of Ireland’s typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide.

“We feel that the Central Bank’s continued restrictive lending criteria are having the continued desired effect on property values,” said Paul Grimes from REA Grimes on Fitzwilliam Square. “However, it is clear that there are many young families seeking to purchase their family home as opposed to continue renting. The increased rental pressures will continue until such time as these restrictive lending criteria are eased up somewhat.”

According to Ed Dempsey from REA in Dun Laoghaire, there is a lot of demand for properties around the €600,000 mark.

“We are seeing a slight improvement in the market due to lack of supply prices are going up with demand,” he stated.

 Rory Crerar, from REA Orchard in Rathfarnham, said people are finding it difficult to trade down.

Anthony McGee, from REA McGee in Tallaght, reported that many investors are looking to sell and there is a strong first-time buyer market. 

However, few investors are looking to buy, even with increasing residential rents.