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PROPERTIES BY THE coast in Ireland are now 23% more expensive than before the Covid-19 pandemic, a new report shows.
The Daft.ie Coastal Report 2021 shows the premium for properties in these coastal areas – which range from Carlingford and Rosslare on the east coast to Renvyle and Dunfanaghy on the west coast – has grown dramatically over the last year.
As a result of the increased premium, a property in these coastal areas is now 23% more expensive than before the pandemic.
This compares to a national average increase of just 8.7% in the same period.
Daft.ie looked at close to 120,000 properties listed for sale nationwide on its website from January 2019 to April 2021 and estimated how the price premium on coastal properties relative to other identical properties has changed over time.
It said it found clear evidence that echoes anecdotes that the price of coastal properties have been on the increase since the onset of the pandemic.
In particular, Daft.ie said it has seen an effect on properties that are not just within 500 metres of the coast of Ireland, but in areas where more than 10% of the total stock of housing are holiday homes. This latter feature identifies those parts of the coast that are well established in terms of coastal amenities, including beaches.
Alongside the analysis of the change in premium over time, Daft.ie gave focus to a number of well known coastal areas.
Places like Lahinch in Clare and Kilmore Quay in Wexford have seen the average price of a three-bed house increase by 39% and 54% respectively in the year since the start of Covid-19 compared to the year proceeding Covid-19.
The report is based on an analysis of listed prices but Daft.ie said that, if anything, the growth has been even greater than transaction prices.
Based on a sample of Daft.ie listings connected to the property price register, approximately one-fifth of coastal properties are going for more than 10% of the asking price, approximately double the national ratio.
Daft.ie said the shift in interest from cities to coastline is also being seen in website searches and stated preferences of those active in the housing market.
Comparing February 2021 with the same month a year earlier, coastal area searches were up 45%, whereas searches for Dublin city were down 59%.
The report can be found here.
Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.
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Well FF and FG represent the interests of those who are in the property business.. builders, developers, vulture funds and landlords ( which includes themselves). They have done sterling work forcing up house and rental prices for years now.. as for those not in the property elite.. tough…
@John Bathe: nothing to do with FF FG, the same thing would be happening no matter who is in power .., it’s called simple supply and demand. Do you think the Shinners are going to build a heap of houses near the beach!!!!! Now, with broadband and the new working from home phenomenon because of Covid, people want to live and work outside the cities and its hard to get a nice place near the sea.
@Jerriko17: careful now using logic and stuff!
@Jerriko17: what a s tupid argument. Shinners? What a clown. Maybe use Google to do a search for who had being in power over the last century. The paid FFG shills on the journal talking shyte once again. As for your money tree, tell me what’s the budget deficit this year and where this money comes from.
@Jerriko17: nah nothing to do with the ECB money printing that is finding its way into assets. Nothing from the clueless clowns in FFG. They keep their mouths shut as the amount of debt in the country soars to all time highs. Yet they are responsible for the actions of the ECB. Same story all over Europe. Same clowns with the supply and demand argument. Same clowns same agenda.
@Jerriko17:
Sinners now giving everyone a house by the sea too…
Next it will be two legs bad, four legs good…. We are Boxer….
Oh they do like to buy beside the seaside!
So has the cost of a a haircut or eating out.
Coast a Fortune you could say !
On another topic, I haven’t been keeping up with the journail, but couldn’t help notice the article ‘debunking the claim that prisoners were being forced to take the covid vax’.
I hadn’t hear of that claim personally and I see from the top of the site they have debunked a number of similar claims Haven’t heard of most of them either tbh)
What intrigued me was that comments are closed – what’s behind that anybody?
@SumEtiamtum: I don’t know why they have the comments closed on those particular articles but I’d imagine it’s because it would attract all the usual headbangers to post misinformation and then they would have to keep a a constant eye on it to delete the comments. I’m all for open discussion when it’s based on fact even if people hold different opinions based on those facts but people constantly posting proven falsehoods isn’t beneficial to anyone. They are responding to misinformation, why give people the chance to propogate it?
@SumEtiamtum: if you google prisoners forced to take vaccine by army, many “news reports” all over the world come up to be fair. There are a few facebook pages you can visit to see where the rest of the claims came from. The most recent appears to be that vaccinated are to be banned from flying due to clot risk. Regarding the comments I dont know why they are closed?!
Not to worry those inflated prices will go through the floor in the next 10 – 20 years as sea levels rise
Coastal erosion
I sea, one time It was anything to do with Dublin but the virus likes people cooped up, funny to see a complete turnaround,
Coastly properties are hauling in some tidey profits
have your say