The construction of too many apartments and not enough family-sized homes means buyers are finding it difficult to trade up, so the values of standard family homes are surging. As it stands, the IAVI estimates that Dublin will require at least another 5,000 new homes each year to satisfy demand in the county.
With builders throwing up nothing but apartments, three-bed semis had the highest appreciation of all property types in the capital last year, at 13.5%. Four-bed semis rose by 13.1%.
As a result, IAVI says the three-bed semi — the standard “starter” home six years ago — is now defined as a trade-up residence. In contrast, new apartments proved the weakest of all Dublin property types in the survey, with a hike of just 8.5%.
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The wily number-crunchers at Douglas Newman Good are off to London next month to show properties from 70 branches at the Copthorne Tara hotel in Kensington on February 4.
But why would UK-based buyers consider investing in Irish property when our market is one of the world’s most inflated? The answer lies in the exchange rate. Our currency is now at a five-year low against sterling.
For years, hundreds of Irish expats of retirement age have been prevented from returning home because of soaring property prices. But with the pound now buying €1.46, there might be no time like the present for homesick citizens to sell up and come home.