January 6, 2019 DUBLIN 2019 IN ASSOCIATION WITH Hot in the city House values from around the capital NEXT WEEK: PART TWO — THE REGIONAL PROPERTY PRICE GUIDE The Sunday Times January 6, 2019 3 Property Price Guide 2019 IN ASSOCIATION WITH INSIDE PROPERTY PRICE GUIDE Food writer and fashion stylist Holly White, above, on why she loves living in Dublin 2 5 Strong showing in Dublin 11, as agents predict a 4% price rise 14 ‘Churchtown, We’re at a cliffhanger in Dublin 14, has changed a lot,’ says John and the end is a mystery Kavanagh In general, they foresee a better their exemptions. Some say the Like the plot of a thriller movie, the course performance for properties below rules have tightened the market €400,000 and say values for larger, excessively, but the overall feeling is more expensive, family homes will that they have brought a much needed of the property market has seen surprising remain static. Homes in walk-in equilibrium. Greater affordability is condition will sell quicker than those necessary, however. changes of direction — and there’s no needing renovation. More home building will stabilise Sherry FitzGerald, the country’s second-hand home prices. The biggest agent, is predicting an average industry was on track to build 16,000 telling where it’s leading, writes Linda Daly hike of 3% in Dublin. Starter homes will new homes last year, just under 40% of see rises of about 4%, it says. Homes these in Dublin. Planning permissions costing €750,000 or more should see a are up, too, with 20,284 granted more prudent 2% bump. nationally in the first three-quarters of 18 he Irish property market 6.3% in the 12 months to October, Several factors will affect market last year — about one-third in Dublin. has seen more twists and according to the latest figures from the performance. In December, the Now that the government has New homes turns than a Hollywood Central Statistics Office. That could Central Bank of Ireland announced it published its new apartment-building blockbuster over the past change when numbers for the full year was not changing its macro-prudential height guidelines, we could see an market decade. After the lows of are released next month. policy rules. This means most buyers increase in the number of plans being flourishes Tthe recession and the highs of a market It was not a case of the property are still not allowed to borrow more given the go-ahead, but developers will in recovery in 2014 and 2015, estate market going up in smoke — prices than 3½ times their income — though start building apartments only when it in north agents across the country entered last increased — but there was a cooling in banks can grant exemptions to 20% of makes financial sense to do so. Co Dublin year on a high. price inflation. This movie had two first-time buyers and 10% of second or If there is a cliffhanger equivalent to Prices had risen by 12.3% in 2017 and acts: last year got off to a busy start, subsequent buyers. The continuation the Hollywood blockbuster for 2019, it many predicted more of the same. In with prices rising, but by the second of the Central Bank rules also means is Brexit. Like the world’s economists, last year’s Sunday Times Property half of the year, things had slowed. that subsequent buyers still have to Dublin estate agents don’t know what Price Guide, Dublin estate agents Plot spoiler: estate agents aren’t as raise a deposit of 20%, which makes it will happen, but all say the outcome 25 forecast increases of 8% on average, optimistic this year. The average difficult for those whose homes have on March 29 will have an impact on while some went as low as 5%-6%. forecast for the year ahead is a more just emerged from negative equity to property values. It will affect Editor: Linda Daly Contributor: Cara O’Doherty Sub-editors: Nicola Cheyne, Belinda Smith, Alexis Giles, Lois McEwan They weren’t far off. In the capital, sober 3.8% increase, but many are raise the deposit. In addition, banks consumer confidence. The climax Design: Aran Brazil Picture editor: Eileen Martin residential property prices rose by reticent about predicting any rise at all. don’t have flexibility in how they offer of this show hangs in the balance. HORGAN DENNIS BY AIR THE FROM — DUBLIN FROM PHOTOGRAPH COVER 4 January 6, 2019 The Sunday Times The Sunday Times January 6, 2019 5 Property Price Guide 2019 IN ASSOCIATION WITH BRYAN MEADE I LIVE ON A STREET THAT’S A HIDDEN Homes at GEM IN DUBLIN 1 BRYAN MEADE lower end win out in BEING IN THE THICK OF THINGS IN THE market of CITY CENTRE MAKES ME GET OUT MORE Vegan food writer and Our house is small, but we fashion stylist Holly White are happy there. Long term A chance visit more than has spent the past seven we might need something 40 years ago led to a years living in the heart of more spacious, but I am lifelong love affair for two halves Dublin 2. She is in walking conscious of focusing Senator David Norris. “I distance of pretty much on now and not worrying was running the first gay everywhere in the city, and about things like bigger discotheque on Parnell this is one of her favourite houses. I’ll think about it if BRYAN MEADE Street. One night we had things about where she lives. and when the need arises.” fewer people than usual “I sit at home and write for Sova Vegan Butcher, on and I was told a new club a living, but by being so Pleasants Street, is White’s had opened on North Great close to everything I have go-to place for food. “I have George’s Street, so I went been able to incorporate a seen the owner take it from to check it out.” he says. lot of walking into my daily a pop-up to a thriving “Instead, I discovered life,” she says. “I love business. I love how the food this beautiful street. It was the vibrancy of the city there elevates the meaning in bad repair, but it was the centre. I am naturally a bit of vegan. Non-vegans have most beautiful street I had introverted, but being in the their minds blown when they ever seen. I forgot about thick of things makes me get go there.” the club. All I was out more. I love it.” Going out: White says concerned with was buying White loves the fact that St Stephen’s Green is the a house there, which I did.” the city doesn’t really perfect spot for anyone with The wide street, north change. “The spirit of Dublin children, or for people who of the Liffey, has grand means it always feels the just want to watch the world four-storey-over-basement same to me. Walking go by. “It’s the centre of Georgian houses on everywhere means I really everything, and of course, either side. get to see the changing it’s free.” Norris’s love was not just seasons and how beautiful it Hidden gem: White for the houses but also for New developments in areas such as Grand Canal Dock sold to institutional investors as whole blocks of apartments looks in the snow, or how recommends visiting the the people. “When I moved gorgeous it is in the Iveagh Gardens. “A lot in there were lots of women Some new Docklands developments bucked the trend summer, but other of people just walk by. whom I used to call ‘the oul than that the city It’s a lovely place to wans’. They were great fun DUBLIN 1 Growth of the private rental stays the same.” grab a coffee, and most interesting. They IFSC, North city centre, For White, there or a sandwich, are all gone now. North Wall are few challenges to meet friends and “When I bought my CSO median house price: living in the city but, have a catch-up. It’s house there was a family in €285,000 sector sees new apartment she says, the size of fantastic to be able to it. They were sitting 2019 prediction: 3%-6% her house may pop out and get tenants. I became part of become an issue. some air D1 their family.” It was a tale of two markets in “It’s me, my in an oasis Life is not perfect in Dublin 1 in 2018. Prices were buildings sold as single lots husband, and in the middle Dublin 1. “There is a terrible up across the board, but the our three cats. of a city.” M50 issue with rubbish. People lower end of the market — up come from other areas and to €300,000 — performed dump their rubbish all strongly, while the middle apartment, bucked the flat DUBLIN 2 Quay, was listed at €1.2m and apartments) was sold as a For example, we are marketing for sale in one lot. It is likely along North Great George’s market — the €400,000 to trend of the market when it Grand Canal Dock, South sold for €1.55m. No 133 Pearse single block, with an average 72 apartments at the Benson that all remaining apartment Street. It is just terrible.” €500,000 price bracket — was sold for €10,000 above its city centre Street, a three-bedroom house price of €800,000 per Building in one lot, and the developments will be sold in For Norris, the old Dublin 1’s period townhouses, such as Mountjoy Square, were a mainly flat market flat, according to agent asking price of €550,000.