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Buyers are paying as much as 26 per cent more, or €114,000 extra, to live close to a Dart or Luas line, with those opting to live close to Sandymount and Lansdowne Road Dart stations paying the biggest premium, according to a new survey from Daft.ie.
In its latest report, Ronan Lyons, an economist at Trinity College Dublin, said: “The price of housing reflects not only the dwelling itself but also a wide range of nearby amenities”, adding that those looking for a new home reward properties with good transport links.
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As such, he suggests that higher house prices can lead to better investment in infrastructure.
“In Ireland the property tax is based on the market value of a home – and this is a good way to encourage investment in more transport infrastructure. As these homes are more valuable, this leads to a form of ‘value capture’, with government able to set aside some of their Local Property Tax income to pay back money borrowed to build new rail track.”
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Commuters on the Dublin south coastline pay on average the most for a property close to a Dart station, with prices averaging €625,000. House prices close to Sandymount (€796,000) topped the survey on the Dart line, followed by Lansdowne Road (€765,000), Sydney Parade (€ 761,000) and Blackrock (€734,000). Cheapest on the Dart are Clongriffin (€319,000); Howth Junction and Donaghmede (€359,000) and Harmonstown (€397,000).
On the Luas, homes close to the Beechwood stop on the Green Line command the highest average asking price (€752,000), ahead of Ranelagh (€725,000). Those living close to the Spencer Dock stop (€ 633,000) pay the most on the Luas Red Line.
People living along the Green Line have some of the priciest property in the capital as 16 of the 27 stops have average property prices in excess of half a million euro.
Cheapest on the Red Line are Cheeverstown (€181,000), Citywest (€209,000) and Hospital (€230,000).
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