4 reasons why Dublin is ready for a city living revolution by EBS
Guest post by EBS.
1. The gems of Dublin are on your doorstep
City living as a concept was slow to take off in Dublin. But these days, people are starting to realise the real potential of living right here in the city centre. For one, you can pop to the shops at a second’s notice, and you have all the best restaurants right outside your door. But it’s not just the great amenities – Dubliners are starting to appreciate the commercial and social value of apartment living, especially with the recent economic lift in Dublin’s north inner city.
One of the best perks of the city centre? You have dozens of the best shops, bars and restaurants just a short stroll from your front door, and don’t have to worry about taxis home after a night on the town. Elaine Flynn, manager of the EBS branch in Liffey Street, Dublin 1, says, “You have literally everything on your doorstep: cinemas, theatres, cafes, restaurants and the main cultural attractions.”
On sunny days off, you can easily walk to Dollymount or the Bull Wall, and the Phoenix Park isn’t too far away either. Or if you really wanted to get away from it all, you could even hop on the DART to the Dublin or Wicklow mountains.
2. Apartment life is catching on
Are you emptying the fluff out of your pockets every month and raiding underneath the couch cushions trying to scrape together a deposit for a gaff? We hear you! It’s a tough market for first time buyers right now; the average price of a property in Dublin currently stands at €392,223– houses here are three times more expensive than in other counties.
So, more and more people are looking for an alternative to the standard three-bed semi in the suburbs. “In the past, most Irish buyers would have aspired to the traditional house with a driveway and garden in the suburbs,” Elaine says, saying her EBS colleagues have noticed a real sea change towards apartment living. “Once people get used to city living, many prefer to live there and they don’t mind buying an apartment.”
3. The boom is back in north inner city
The city centre is a hub of activity for working professionals. Facebook recently announced that it is opening a huge new office in Dublin’s north-inner city leading to hopes that the area will be transformed into a ‘Google Docks’ hub like Barrow Street and Ringsend were in the last decade. The Irish Independent said that the move, “could also spark a new property boom in Dublin’s East Wall area.” If you do work in the city centre, your commute won’t be a worry – there’s the 60c city centre fare with Dublin Bus, and Dublin Bikes too – which means you can cut down on bus costs and keep fit at the same time.
There’s even a link between academic profile and city centre dwellers; as according to the Dublin Chamber of Commerce, 75 percent of people in Ireland holding a PhD reside in urban areas. When you consider this economic potential, there could be value in the city centre market yet.
Then there’s the fact that properties that are close to a Luas or Dart line are proven to be more valuable than those more isolated. Dublin city centre is replete with transport hubs such Connolly and Heuston rail stations as well as buses from O’Connell Street which myriad routes. Plus, Luas Cross City is on the way – so if you’re looking to buy along its route, get in now.
4. Buying in the city centre is better value than renting
When you consider ever-rising rents, maybe it’s time to consider city centre living. The MyHome.ie Property Price Resister shows that the cheapest property sold in the city centre between March 2016 and March 2017 was in North Wall for a price of €108,000. Properties on Capel Street sold for €168,000, while newer apartments in the IFSC ranged between €253,000 and €465,000.
Rents now are at their highest level ever in Dublin (yikes). Recent reports indicated that rents are, on average, seven percent higher than they were in the boom. And while wages are recovering in Dublin, it’s tough to keep up with this pressure.
Elaine told us that, “the rental market is very buoyant for landlords but tenants are finding it tough. In one case we’ve seen, a customer saw his rent increase from €1,200 to €1,500 in a month,” she recalls, adding, “that would be enough to repay a €200,000 home loan in 15 years – or €280,000 over 25 years.”
So there you have it – if you’re looking for more bang for your buck and aren’t wedded to the traditional three-bed semi with a garden, then there just might be something out there for you.
Thinking of buying in Dublin city centre?
Whether you’re looking for a house or an apartment, the main thing is to have your mortgage arranged – or at least know where you stand when it comes to getting one.
If you’d like to talk through your mortgage options you can book a 30 Minute Mortgage Meeting with Elaine or one of the team at the EBS branch in Liffey Street! You can use our mortgage calculator to find out how much you may be able to borrow.
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