House-buyers pay extra €129k to live near Luas or Dart stop

House prices close to Dart stations and Luas stops in Dublin are now €129,000 higher than average prices in the city, a new survey has found.

The latest research from Daft.ie found property prices near public transport stops rose by an average of 4% in the first quarter of this year, to an average of €512,000.

It means buyers are now paying €129,000, or 34%, more for a property close to a Dart station or Luas stop compared to the average price for a house in the capital, which is €383,000.

As seen on previous Daft light rail reports, commuters on the Dublin south coastline pay the most for a property close to a Dart station, with prices averaging €670,000, an increase of €45,000 on the first three months of 2018.

Raychel O’Connell of 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.”

The survey, released yesterday, analysed average asking prices for two and three-bedroom properties 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.

Prices near Dart stations are among the most expensive analysed, with Sandymount averaging €870,000, Dalkey €848,000, Lansdowne Rd €821,000, and Sydney Parade €756,000.

On the Luas, homes close to the Beechwood stop command the highest average asking price (€788,000) on the green line, while those living close to the Spencer Dock stop (€724,000) pay the most on the Luas red line.

For the first time, the 16 stops on the proposed MetroLink route were examined.

The most expensive homes on the proposed route are those closest to the Charlemont stop (€724,000) and Tara St (€573,000).

The least expensive homes are in the areas close to the Ballymun (€285,000) and Northwood (€322,000) stops.

Ms O’Connell said Daft.ie would monitor price changes as the project evolves.

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 10 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, which will show up in these infographics and in the scale of building nearby.

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