According to Irish property portal Daft.ie, home buyers in Ireland are paying up to 32% more for a property with a sea-view.
The research, conducted by economist Ronan Lyons, analyzed over half a million property listings - both sales and rental - that have been placed over the last decade. By placing these on a 3D model of the country, the researchers were able to calculate the extent of the sea-view enjoyed by the properties and the average increase in value attributed to this.
The analysis also calculated how close each property was to beaches, cliffs and the coast in general.
Homes that are located within a 1km radius of a blue flag beach, command on average, a premium of €6,200, while those within 500 meters of cliffs are on average €7,000 less expensive than similar properties further away.
Ronan Lyons, Economist at Trinity College Dublin & author of The Daft.ie Report said, "It is not surprising that properties close to the sea or with good sea views are worth more than others. But until now, it was impossible to say systematically how much more properties close to the coast may have been worth.
If a considerable premium exists for views, and those views are the largest at the coast, then building up at the coast may be the best way to facilitate supply to meet demand. In the century of the city, the sea may be key."
Martin Clancy from Daft.ie also commented, "These figures demonstrate for the first time the actual value associated with a sea view. The huge size of the data set (over 500,000 property listings) highlights in detail that buyers are willing to pay a premium for not just a sea view but also ease of access to the coast and in particular blue flag beaches."
Home prices in Ireland fell by 1.2% during 2019, the first calendar year recording a fall in prices since 2012. The average price nationwide in the final quarter of the year was €250,766, 2.4% lower than in the third quarter and 1.2% lower than a year ago.
According to global real estate consultant Knight Frank, home prices across 56 countries and territories worldwide are rising at an annual rate of 3.7% on average. This marks the index's slowest rate of growth for over six years.
According to the latest quarterly Rental Report by Daft.ie, residential rents rose by an average of 5.2% nationwide in the year to September 2019. This marks the lowest rate of rental inflation across the country since the second quarter of 2013.
According to global property consultant JLL, take-up for Ireland office space in Q3, 2019 totaled 394,093 sq. ft across 44 deals. This is 19% higher than last quarter, in the year-to-date; take-up is 2.2 million sq. ft.