Last year, the inner-city suburb of Dublin 8 was cited as one of the coolest neighbourhoods in the world by Time Out magazine. Now Dublin 8, home to Portobello, Kilmainham and Inchicore, has been selected as an area that's set for significant property price growth over the coming five years.
Yes, according to the recently published global wealth report from estate agent Knight Frank, Dublin 8, alongside four other global neighbourhoods, is “primed for prosperity” in terms of income growth potential and overall values. The agent is forecasting price growth of between 15 and 20 per cent over the coming five years for the district. That would add about €70,000 to the cost of a one-bed apartment in the area.
According to the report, the area, which is already home to bars, cultural venues, distilleries, shops and cafes, is set to be “transformed” due to a new development in the Guinness Quarter, while the construction of the National Children’s Hospital is driving growth in employment.
Its gastronomic prowess was also cited, with the report pointing to the “legendary” breads and viennoiserie at Scéal Bakery at Fumbally Stables.
Further price growth will make the dream of living among the hipsters that bit more difficult, however, as property prices are already quite elevated in the area. You can expect to pay about €350,000, for example, for an older one-bed apartment, or €400,000 for a newer build, with larger Victorian family homes fetching “anywhere from €750,000 to €1.5 million”, according to the Knight Frank report.
Joining Dublin 8 on the hot list of global climbers is Qianhai in Shenzhen, China; Montegancedo in Madrid, Spain; and Paris’s swish 1st arrondissement, home to the Louvre, Opera Garnier and Place Vendome, an area well known to tourists and shoppers. The Tuileries/Palais-Royal area is currently the subject of considerable development, with the Art Nouveau landmark department store La Samaritaine recently re-opening after a €750 million revamp.
Five-year price growth of about 15 per cent and the ease of finding a decent pastry may be all the Parisian area has in common with Dublin 8, however; a 200sq m 19th-century apartment in the area is on the market for €4.5 million-€5 million.
Elsewhere, another neighbourhood to watch is Stokes Croft in Bristol, UK, which has a hefty five-year price increase forecast of 25-30 per cent. Described as “eclectic and cool”, property prices in this district are somewhat more palatable; a two-bed flat will cost about £350,000 (€388,000), with a three-bed house around £475,000 (€525,000).