According to new research from Daft.ie, Ireland home prices close to DART stations and Luas stops rose again by an average of 4% in the first quarter of 2019 to an average of €512,000 ($571,000 USD).
This means that buyers are now paying a premium of €129,000 ($144,000), or 34% percent for a property close to a DART or Luas stop compared to the average asking price in Dublin, which was €383,000. ($427,000).
Daft.ie has today launched their Q1 2019 Light Rail House Price maps. The research which led to the creation of these maps analyzed the average asking prices for two and three bedroom properties (controlling for time, size and type) close to each of the 98 Dart and Luas stops and stations in the Greater Dublin Area for the period between April 2018 and March 2019 and, for the first time, the 16 stops on the proposed MetroLink route.
As seen on previous Daft Light Rail Reports commuters on the Dublin south coastline pay on average the most for a property close to a DART station with prices averaging €670,000 ($747,000), an increase of €45,000 ($50,000) since 2018 Q1.
Prices near DART stations are among the most expensive analyzed with Sandymount (€870k), Dalkey (€848k), Lansdowne Road (€821k) and Sydney Parade (€756k) accounting for four of the five most expensive stations to live by.
On the Luas, homes close to the Beechwood stop command the highest average asking price (€788k) on the green line while those living close to the Spencer Dock stop (€724k) pay the most on the Luas red line.
The most expensive homes in the current plan are those closest to the Charlemont stop (€724,000) and Tara Street (€573,000). While the least expensive homes are currently in the area of the Ballymun (€285,000) and the Northwood (€322,000) stops.
Commenting on the latest figures, economist Ronan Lyons said, "In this update to the rail prices map, we've added areas around the MetroLink's residential stations. That's because, when people buy homes, they typically buy them for the long-term - 10 years or more. Therefore, they plan ahead and it's envisaged that MetroLink will be up and running by 2027, less than ten years away. It is likely that, just as with the Luas before it, these areas will see extra demand as the MetroLink becomes a reality".
Raychel O'Connell from Daft.ie said, "House prices close to Dublin DART and Luas stations continue to rise at a higher rate than the county average which shows just how strong demand is for light rail public transport options in the capital, and how important it may be that that the MetroLink plans stay on track. We are delighted to now include the Metro proposed route in our reports and will monitor how prices change as the project evolves."