THE TYPICAL PRICE of a three-bedroom home near one of Dublin’s rail stations is €439,000, nearly 10% higher than the average price in the capital for this kind of property (€401,000).
New research published by property website Daft.ie analysed the average asking prices for two and three-bedroom homes within 1km of each of the 98 Dart stations and Luas stops in the greater Dublin area from October 2018 and September 2019.
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Houses near a Dart line have the highest average price, where homes near the typical station cost €579,000 – a trend also seen in previous research.
The Green Line Luas is the next most expensive, with an average asking price of €545,000. Family homes near the Red Line Luas (€391,000) and near Commuter Rail stations (€320,000) are significantly cheaper.
Prices near Dart stations are among the most expensive analysed, with Dalkey (€828,000), Sandymount (€826,000), Lansdowne Road (€798,000) and Sydney Parade (€758,000) accounting for four out of the five most expensive rail stations to live nearby.
On the Luas, homes by the Beechwood stop command the highest average asking price (€783,000) on the Green Line, while those living close to Spencer Dock pay the most on the red Line (€679,000).
The average house price on the Green Line is €535,000; the average price on the Red Line is €391,000. Buying a home near the Green Line is now €161,000 more expensive than the average price in Dublin.
The five most expensive stations/stops to live by are:
The five least expensive stations/stops to live by are:
Prices for homes near the most expensive station, Dalkey, are four times more expensive than prices for similar homes near the cheapest station, Cheeverstown: €828,000 compared to €207,000.
Public transport
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin, noted that transport infrastructure has “a big impact” on property values nearby.
Lyons said that over the last three decades transport infrastructure in the greater Dublin area “has changed beyond recognition”, with the addition of the Dart, the Luas lines, and the motorway network.
The latest figures confirm that these public investments have had private effects, with homeowners nearby seeing their property values increase.
Lyons added that the report’s findings “suggest a rationale for “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”.
“With more rail stations and a Metro due to open in the coming years, whether taxpayers get any dividend on the investments they make remains a question that only policymakers can answer,” Lyons stated.
In Budget 2020 the government announced that €2.7 billion will be allocated to the Department of Transport, Tourism and Sport next year, a €384 million increase on 2019.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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