Docklands residential property prices rise 11.7% as rents rise 12%

Dublin's docklands has seen purchase and rental prices rising in the last year, according to auctioneer Owen Reilly.

A report on the area, The Docklands Residential Report, published on Wednesday, cites an annual increase in the price per square metre of 11.7 per cent and 12.1 per cent in average monthly rents.

Compared with asking prices in Dublin city centre generally, as reported by Daft.ie, the publication notes significantly higher rates for the docklands.

It says 72 per cent of properties were bought for investment and 76 per cent of purchases were made with cash. It found 72 per cent of buyers were Irish while 85 per cent of tenants who rented from Owen Reilly in 2016 were from overseas.

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“Despite the geopolitical turbulence of last year and the low stock, our docklands clients had a very good year,” Mr Reilly said.

“In Dublin docklands we would hope to see some tangible positive effects of Brexit, and the residential developments currently under construction hold great promise.”

The report claims the average sale price per square metre increased by 11.7 per cent in 2016 – from €5,031 in 2015 to €5,619.

The highest price of €10,000 per square metre was recorded for a two-bedroom penthouse at Grand Canal Dock.

The report quoted an average fourth-quarter asking price of €497,907, 90 per cent higher than the fourth-quarter average asking price of €261,496 for Dublin city centre overall.