Homes near Luas Cross-City train stops spike 15 per cent
According to Ireland property portal Daft.ie, three-bed homes in Ireland near the new Luas cross-city stops saw their values increase by 15% over the last year, compared to a 6% increase in similar homes near other rail stations.
Commuters living on the Dublin coastline pay on average the most for a property, with homes close to the Sandymount DART averaging €784,000.
Properties near DART stations are among the most expensive with Lansdowne Road (€737k), Sydney Parade (€706k) and Dalkey (€699k) accounting for four of the top five most expensive stations to live by, on the new maps produced by Daft.ie.
On the Luas, homes close to Beechwood on the green line command the highest average asking prices (€727k), while those living in the city centre pay most on the Luas red line with properties near the Spencer Dock stop averaging €597,000.
Daft.ie also analyzed the average asking prices for each stop on the new Luas cross-city line, which opened on Saturday. Properties close to the new Dawson, Trinity and Westmoreland stops came out on top, with average asking prices of €519,000.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin said, “It is well known that transport infrastructure can have a big impact on property values. Over the last 20 years, Ireland has added lots of new infrastructure, including motorways and the DART. How these investments pay for themselves is, of course, a different question. One option increasingly considered elsewhere is value capture – in other words, where the taxpayer brings about an increase in wealth by paying for new infrastructure, it shares in part of that new wealth. The opening of the cross-city Luas has clearly added value in the areas newly served by light rail: three-bed homes near the new Luas stations saw their values increase by 15% over the last year, compared to a 6% increase in similar homes near other rail stations. Whether the taxpayer gets some payback, however, is down to the Government.”
The figures shown are average asking prices for 3 bed properties controlling for time, size and type for each of the stations on the Luas & DART lines. The sample of properties for sale comes from the period between January and November 2017.
Commenting on the data, Martin Clancy from Daft.ie said, “Convenience and affordability are two key concerns for pretty much everyone who lives and works in Dublin. This map gives a great overview of property prices across the capital and is a fantastic visual reference for anyone who is considering buying or selling close to the Luas or DART.”