The proposed development of the Central Mental Hospital site in Dundrum is still awaiting a decision from An Bord Pleanála to go ahead.
The Land Development Agency (LDA) lodged plans for fewer homes than initially anticipated for the 30 acre site, with 957 apartments and 20 houses now schemed. But it’s still enormous.
Although most will be designated social and affordable, it should impact the Dublin 14 market, which grew 10pc in the first six months of 2022, but fell right back in the second half of the year, leaving a 7pc increase overall.
“The first half of the year went really well,” says Cathal McCarthy of DNG. “There was a strong demand, in particular for the 1930s-1960s-built four-bed semis. We had maybe four or five people chasing every house.”
- Average Price €650,000
- Areas Churchtown, Clonskeagh, Dundrum, Goatstown, Balally, Kilmacud, Milltown, Windy Arbour, Balally
- Up + 7%
- One Year Forecast + 2%
- Assessing Agent DNG
McCarthy attributes the significant early rise to many buyers being awash with savings built up during the Covid-19 pandemic, along with a lot of inherited money floating around.
“So even bidding on €800,000 houses, many buyers had €400,000 to €450,000 to put to it, so it wasn’t as if they were looking at huge 90pc loans. That influenced how much they were willing to pay,” he says.
| House Type | 2022 | 2023 | 2024 |
|---|---|---|---|
| 3-bed Semi | €550,000 | €595,000 | €625,000 |
| 4-bed Semi | €700,000 | €740,000 | €775,000 |
| 4-bed Detached | €800,000 | €850,000 | €875,000 |
| 5-bed Detached | €850,000 | €900,000 | €925,000 |
| 3-bed Bungalow | €650,000 | €700,000 | €700,000 |
| One-bed Apartment | €270,000 | €275,000 | €275,000 |
| Two-bed Apartment | €380,000 | €380,000 | €380,000 |
| 2-bed Cottage | €450,000 | €425,000 | €440,000 |
| Ex-Corporation 2-bed | €375,000 | €400,000 | €400,000 |
| Ex-Corporation 3-bed | €400,000 | €475,000 | €475,000 |
| 2-bed Townhouse | €400,000 | €425,000 | €450,000 |
| 3-bed Townhouse | €525,000 | €575,000 | €590,000 |
| Detached 1500-2000 Sq Ft | €825,000 | €850,000 | €875,000 |
| Detached 2000+ Sq Ft | €1,300,000 | €1,500,000 | €1,600,000 |
| 2/3 Storey Over Basement | €1,500,000 | €1,750,000 | €2,000,000 |
However, McCarthy says interest rate rises in the latter half of last year calmed things down, along with the soaring cost of refurbishment.
“For example, if you take a four-bed semi needing modernisation. A year ago, it would cost €150,000 to undertake. Now it’s heading for €300,000 to do that job and that was reflected in what people are prepared to pay in the latter half of the year. It might have come back a bit but not fully.”
Dublin 14 is an expansive and mature district, “stretching from the Dodder across to Goatstown, with bits of Milltown, Stillorgan and Kilmacud mixed in,” says McCarthy, who has worked locally for over 50 years. “Depending on where it is, a three-bed semi in great nick could fetch up to €800,000. You get a more
consistent trend on old style properties.”
Estates in Rathfarnham Park, Butterfield and Crannagh remain the most highly sought-after, with Ballyroan starting to catch up.
Property Hotspot: Dundrum
Taney and Sweetmount are areas worth watching
He expects growth of no more than 2pc next year. “There’s not much new build and you don’t see houses in the newer estates turning over as often as you used to,” says McCarthy.
