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Dublin Rents And The Myth Of Demand: Three Weeks On

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The decision of first-time buyers to defer purchases has seen a boom in the rental market, with rents rising to an all-time average high of €1,400 a month nationwide.” (Irish Independent, 28 November 2007)

…Rents are strong in Ashbourne thanks to its relative proximity to the capital and the major expansion of retail business in the area… Rents in the fast-developing docklands area are extremely strong. …Although new owners are just about to move in, investors who have purchased at the scheme are expecting a monthly rent of around €1,300…..high rents are being achieved at this attractive waterside scheme which has been developed beside a converted malthouse….west Dublin has seen strong rents in the last year and the excellent transport links at Adamstown have pushed them up even higher….” (Irish Times, “High rents, falling prices: is buying better than renting?“, 29 November 2007)

Three weeks after the Irish Times and Irish Independent announced Dublin rental demand at an all-time high, 68% of properties surveyed remain unoccupied. The sample of 200 properties from Daft.ie was taken on 29 November 2007. Of those 200 ads, 26 have since dropped their asking price. Only three have increased their asking price.

Two conclusions from the figures above: asking prices are being set by mortgage repayments, not demand; and both the Irish times and the Irish Independent simply have no credibility when it comes to property news.

The properties that have dropped asking prices are listed below.

Price drops:

1. Blokye, Harbour Road, Dalkey, South Co. Dublin. 3 bedrooms. Daft reference: www.daft.ie/212111. Listed on 29 November at €3,750 a month. Now, €3,500 a month.

2. Beacon South Quarter, Sandyford, Dublin 18, South Co. Dublin. 2 bedrooms. Daft reference: www.daft.ie/229336. Listed on 29 November at €1,700 a month. Now, €1,600 a month.

3. Duncairn Court, Sweetmans Avenue, Blackrock, South Co. Dublin. 2 bedrooms. Daft reference: www.daft.ie/212687. Listed on 29 November at €1,800 a month. Now, €1,600 a month.

4. Cedarhurst Green, Phoenix Park Racecourse, Castleknock, Dublin 15. 2 bedrooms. Daft reference: www.daft.ie/24583. Listed on 29 November at €1,650 a month. now, €1,500 a month.

5. Penthouse At Lafayette Building, Dublin 2. Two bedrooms. Was €5,000 a month. Now, €4,000 a month. Daft listing.

6. Cubes 6, Beacon South Quarter, Sandyford, Dublin 18. 2 bedrooms. Daft reference: www.daft.ie/28256. List on 29 November at €1,750 a month. now, €1,700 a month.

7. Glenbrian Hall, Howth Road, Clontarf, Dublin 3. Three bedrooms. Was €1,750 a month. LET 17 DECEMBER FOR €1,650 a month. Daft listing.

8. Duncairn Court, Blackrock, South Co. Dublin. 2 bedrooms. Daft reference: www.daft.ie/212855. Listed on 29 November at €1,800 a month. now, €1,600 a month.

9. Larchfield Road, Goatstown, Dublin 14. four bedrooms. Was €2,500 a month. Now, €2,200 a month. Daft listing.

10. Shrewsbury Park, Ballsbridge, Dublin 4. 3 bedrooms. Daft reference: www.daft.ie/27056. Listed on 29 November at €4,000 a month. Now, €3,500 a month.

11. Burton House, IFSC, Dublin 1. Two bedrooms. Was €1,950 a month. Now, €1,800 a month. Daft listing.

12. Duncairn Court (off Sweetmans Avenue), Blackrock, South Co. Dublin. Two bedrooms. Was €1,800 a month. Now, €1,600 a month.

13. Ferncarraig Court, Fernleigh, Sandyford, Dublin 18. Four bedrooms. Was €2,400 a month. Now, €2,200 a month.

14. Elmwood Avenue, Ranelagh, Dublin 6. Three bedrooms. Was €2,600 a month. Now, €2,300 a month. Daft listing.

15. The Sweepstakes, Ballsbridge, Dublin 4. One Bedroom. Was €1,800 a month. now, €1,700 a month. Daft listing.

16. Greenville Court, Blackrock, Blackrock. Two bedrooms. Was €1,450 a month. LET FOR €1,350 a month.

17. Cadell, The Links, Portmarnock. Was €1,450 a month. LET FOR €1,400 a month. Daft listing.

18. The Sweepstakes, Ballsbridge, Dublin 4. Two bedrooms. Was €1,650 a month. Now, €1,550 a month. Daft listing.

19. Ely Mews, Rogers Lane, Merrion Row, Dublin 2. One bedroom. Was €1,550 a month. LET FOR €1,500 a month. Daft listing.

20. Oatfield Drive, Clondalkin, Dublin 22. Three bedrooms. Was €1,250 a month. Now, €1,200 a month. Daft listing.

21. Grangeview Walk, Clondalkin, Dublin 22. four bedrooms. Was €1,550 a month. LET FOR €1,500 a month.

22. Farmleigh Wood, Castleknock, Dublin 15. five bedrooms. Was €3,500 a month. now, €3,250 a month. Daft listing.

23. Hollybrook Mews, Hollybrook Park, Clontarf, Dublin 3. Two bedrooms. Was €1,600 a month. Now, €1,500 a month. Daft listing.

24. Phoenix Park Gate, North Circular Road, Dublin 7. Two bedrooms. Was €1,400 a month. Now, €1,300 a month. Daft listing.

25. Woodview, Lucan, West Co. Dublin. Four bedrooms. Was €2,00 a month. Now, €1,800 a month. Daft listing.

26. Sarsfield Street, Off 18 Berkley Road, Dublin 7. One bedroom. Was €1,300 a month. LET FOR €1,250 a month.

Price rises:

1. Prince Of Wales Terrace, Serpintine Ave, Ballsbridge, Dublin 4. four bedrooms. Was €5,000 a month. Now, €6,000 a month. Daft listing.

2. 1-Castlegate Elms, Adamstown, Lucan. Three bedrooms. Was €1,400 a month. Now, €1,500 a month. Daft listing.

3. Brookford Park, Rush, North Co. Dublin. Three bedrooms. Was €1,275 a month. Now, €1,300 a month. Daft listing.

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One Response to “Dublin Rents And The Myth Of Demand: Three Weeks On”

  1. # Comment by Keith Jan 2nd, 2008 10:01

    One thing I would say is that Daft users are notoriously bad at removing rented properties from the listings.

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