It is well known that Dublin is currently the most sought out housing market in Ireland. With the highest populated city in the nation, this is, however, not a surprising fact.
Why Dublin? An obvious question….It has everything anyone could want. From restaurants and shopping to sports and entertainment, everyone is guaranteed something from this central spot.
In recent years there has been a significant influx of people to the Dublin area as it has grown as a point of interest for home buyers as well as a point of business for the working class.
What these home buyers are finding, however, is a large disappointment.
As it is well known for the housing shortage buyers determined to find a home are either making large sacrifices or paying huge lump sums to get what they want.
These sacrifices often lead to looking outside of the buyer’s ideal location and settling on a greater commute. Commutes, being the reason the recent studies that have been conducted in regards to the housing market have found such surprising results.
It has recently been reported that home buyers, looking for a residence in the capital are willing to spend great amounts more to be closer to the Luas and Dart lines.
House prices in this desired location were reported to have had a sharp 4% increase in the first quarter of 2018.
This same report shows a premium asking price of €114,000 to be close to the dart rather than other Dublin locations.
Prices of homes close to the Dart and Luas are significantly higher due to their increase in demand, however, it is being found the increased prices aren’t stopping buyers.
Trinity College economist, Ronan Lyons, touched upon what decides the price of a home, and as he makes a clear point of saying, it is more than the dwelling itself.
Having close by amenities is also a large factor when looking at the prices of homes. Being close to local transportation is more important to someone without their own vehicle vs. someone who has their own form of transportation to rely on.
Hence being, why some people are willing to pay so much more for convenience.
Being in a more valuable home also adds to the amount of property tax the dwelling will incur. A factor that home buyers are also encouraged to account for when making their purchase.
Houses located near the Dart and the Luas are significantly more expensive than the average prices of homes elsewhere. For a home buyer to fork up so much cash requires them to see extreme value in their purchase. Close by transportation has taken the lead in essentials for buyers looking in the city.
It is common in cities around the world, not restricted to Ireland, in which the population majority to not own personal transportation and therefore it is common to see properties with an increased price near these public transportation sites.
What has not been seen around the world, however, is the quick and sharp increase in the housing prices seen in Dublin which can only be attributed back to the housing crisis currently affecting the nation today.