Living near a good restaurant can boost a home’s value by up to 20 per cent in London, according to new research. A study found that a Michelin-starred restaurant increases the desirability of a neighbourhood while a high concentration of fast-food outlets has the opposite affect.
Estate agent Wetherell found that Mayfair, with 20 Michelin-starred restaurants, has the highest property values in the West End, with prices for flats averaging £1,935 (€2,289) per sq ft. The W1K postcode, home to Scott’s and Le Gavroche restaurants, has seen residential values increase by 61 per cent over the past six years – 20 per cent above the average rate for W1.
The findings may prompt agents here to examine whether house values in some south Dublin suburbs are benefitting because of their close proximity to good restaurants? “Not so,” says Billy O’Sullivan of McNally Handy. “Houses in areas like Ranelagh, Monkstown, Blackrock and Foxrock do benefit from having good restaurants but by nowhere near 20 per cent – more likely 5 per cent. It all works back to the same truism – location, location, location.”
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