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LIVING BY THE sea is a dream for many, but it can add a lot to the price of a home.
That is the finding of a new Daft.ie report conducted by economist Ronan Lyons.
Lyons and his team analysed 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, researchers were able to calculate the extent of the sea-view enjoyed by the properties and the average increase in value attributed to this.
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 metres of cliffs are on average €7,000 less expensive than similar properties further away.
Ronan Lyons, economist at Trinity College Dublin and 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.”
In Lyons’ commentary, he says that the sea’s aesthetic effect and its amenity are both factors in the pricing of the homes.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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The Celtic Tiger never existed. It was all smoke and mirrors. All the wealth was based on credit.
And good riddance, may we never see a’boom’ based on credit again.
We will soon rise from the ashes and welcome the Celtic Phoenix!!!!
The Celtic Tiger is extinct.
He was killed,Eaten and his coat sold to feed a poor family in the mid west in early Spring 2009…
The Celtic Tiger?
The Celtic Ponzi Scheme Creature more like.
A very special Ponzi Scheme where the heinous culprits/villians get rewards, protection and media immunity as their victims are screwed to death.
Exactly. I said the same thing to my Business Studies teacher and to my ‘European Studies’ teacher in transition year. They looked at me like I had just told them I had broke into their houses and pissed on their kids.
True story.
From the celtic tiger to the celtic thieves led by edna and co.
That is the most embarassing phrase in the irish lexicon, and of course there will be some rubbish about a Phoenix or a Celtic tiger revival in the near future. Anything to make us feel good about ourselves
It’s was the best thing that ever happened to this country 50 years of progress in 10 to spite all it’s faults roll on the Celtic phoenix coming quicker than ye think
And now it’s in its way back and everyone is getting greedy again…. House prices rents and costs in general have increased. …. what have we learned ???????, nothing it seems !!
Don’t worry, she will be back. Circa 2018
I have a bridge I want to sell you in New York.
He only resigned now, wow?
We now have the “Austerity Tiger” tearing the lives of Irish Families apart!
Our elected politicians destroyed Ireland and its people.
Each man women and child has a debt of €100,000 each due to a Government decree whereby ” unsecured Bondholders” mainly German Banks lent money to Irish Banks for commercial gain.
Merkel forced Fianna Fáil to transfer the unsecured Bondholders to the Irish a Taxpayers . We therefore repaid German Banks in full!
Germany makes a surplus of €41billion PA from the rest of Europe while the rest of Europe has an annual deficit of €37 Billion!
Germany now owns Ireland and Irish Citizens are suffering from austerity even poverty!
The Government should have left the Euro and devalued hence boosting exports and creating many new jobs!
Soon we will rise from the ashes and welcome the Celtic Phoenix!!!
Today FM will buy it, sack everybody and rebrand it CTFM.
Today it is the Celtic Crater.
Boring
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