Fairview, East Wall, North Strand, Clontarf, Ballybough, Clonliffe

Down 20%

Dublin 3 hasn’t been hit quite as hard as some other city locations. Clontarf continues to command a premium of between 10% and 15% over its neighbouring areas. A second-hand three-bed terraced home will still fetch €560,000 in Clontarf compared with €450,000 in other Dublin 3 locations.

During the first half of 2008, properties in Dublin 3 sold at a steady pace. After the summer, however, buyers began to stall as confidence in the market slipped. By the end of the year, prices had fallen by 20%.

In common with other areas, the health of the Dublin 3 property market suffered from a dearth of available mortgage finance and the fact that, on many occasions, those wanting to trade up found it impossible to sell their own properties.

Estate agents say the bulk of successful residential sales came as a result of vendors cutting their prices back hard. Interestingly, 2008 saw a significant drop in the number of homes coming onto the market in the postal district and it is believed even fewer will come on stream in 2009. As a result, there will be less choice for prospective purchasers.

Investors accounted for just 1% of purchases, while rents dropped by 10%, with Clontarf suffering less. Well presented properties remain sought-after and are often let in the first week.

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