Houses near Dublin's new Luas line 'see value shoot up 15 per cent'
THE values of houses near the new Luas line in Dublin have soared by about 15 per cent.
Property website Daft.ie said three-bedroom homes along the Cross City route have seen a dramatic rise in values compared to just 6 per cent for similar homes near the other railway lines.
The research also showed that homes along the Dublin coastline average out as the most expensive.
Properties along the Dart line bring with them a premium and account for four of the top five dearest places to live, it found.
Homes close to the Sandymount stop average out at €784,000; Lansdowne Road at €737,000; Sydney Parade at €706,000 and Dalkey at €699,000.
The other stop on the top five is Beechwood in the Ranelagh area of Dublin where homes along the Luas line average out at €727,000.
Daft.ie issued the data along with a series of maps showing stop-by-stop differences in average house prices along the 125 stations and stops on the Luas Green, Red and Cross City lines and the Dart.
The most expensive places to buy property on the Luas Cross City are near the Dawson stop at €519,000; Trinity at €519,000; and Westmoreland at €519,000 euro.
Ronan Lyons, economist at Trinity College Dublin, said: "It is well known that transport infrastructure can have a big impact on property values.
"Over the last 20 years, Ireland has added lots of new infrastructure, including motorways and the Dart.
"How these investments pay for themselves is, of course, a different question.
"One option increasingly considered elsewhere is value capture - in other words, where the taxpayer brings about an increase in wealth by paying for new infrastructure, it shares in part of that new wealth."
Martin Clancy, from Daft.ie, said: "Convenience and affordability are two key concerns for pretty much everyone who lives and works in Dublin.
"This map gives a great overview of property prices across the capital and is a fantastic visual reference for anyone who is considering buying or selling close to the Luas or Dart."