Luas Cross City house prices rise faster than homes near Dart
Daft survey finds buyers living along Dart lines still pay the most for their homes
House prices were most modest along the Luas Cross City line, with the city centre section from Dawson Street to Westmoreland commanding the highest prices. Photograph: Cyril Byrne / The Irish Times
Residential property prices along the new Luas Cross City line have risen at more than twice the rate of homes along other Dublin rail lines in the last year, according to new research.
Estate agency website Daft.ie found buyers living on the Dart line still pay the most for their homes, and houses along the Green line from Cherrywood to St Stephen’s Green remain more expensive than those along the Red line from Tallaght to the Point.
However, three-bed homes near the new Luas stops saw their values increase by 15 per per cent from January to November this year, compared to a 6 per cent increase in three-bed homes near other rail stops.
Some of the most expensive homes were close to Sandymount Dart where asking prices averaged at €784,000, followed by Lansdowne Road at €737,000.
Three-bed houses near the Luas Green line Beechwood stop in south Ranelagh were priced at €727,000.
The top five is completed by two more areas serviced by Dart: Sydney Parade, where three-bed houses were priced at €706,000, and Dalkey, with average prices just under the €700,000-mark at €699,000.
Prices were most modest along the Luas Cross City line, with the city centre section from Dawson Street to Westmoreland commanding the highest prices – €519,000 the average asking price for a three-bed, followed by Phibsborough at an average of €425,000, and Broadstone, near the new DIT campus at €410,000.
The Cabra end of the line saw lower prices, with an average of €410,000 near the Cabra stop, which serves parts of Phibsborough, and €322,000 near Broombridge which serves west Cabra.
However, Daft.ie economist Ronan Lyons said these Cross City line prices, while still lower than other rail lines, have risen considerably this year.
“The opening of the cross-city Luas has clearly added value in the areas newly served by light rail: three-bed homes near the new Luas stations saw their values increase by 15 per cent over the last year, compared to a 6 per cent increase in similar homes near other rail stations.”
The highest value Red line stops were Spencer Dock at €597,000; Mayor Square €562,000; Jervis €518,000; George’s Dock €517,000 and the Point €478,000.
The most expensive homes along the Green line were Beechwood €727,000; Ranelagh €682,000; Charlemont €666,000; Milltown €647,000 and Cowper €609,000.