The family homes shortage in key locations has been well documented, but now it looks like apartments around Dublin are being snapped up too.

According to estate agent Owen Reilly ,who specialises in the docklands area (aka Googletown), he will not meet the waiting list demand he has for apartments in Grand Canal Dock this year, and prices there have risen by 20 per cent in the last year.

He has noted a return of first-time buyers and an increase in non-cash buyers, but the difference this time around is that they are in less of a rush and are less likely to compromise on location, management services and little extras.

He believes more speculative investors are moving beyond Dublin to find the real bargains, while asking prices in the capital now tend to be more in line with market value.

Meanwhile, Brian Dempsey of agents DNG says there were over 75 parties to a viewing last Saturday morning of a two-bed apartment in The Grange development (on the former Esso site) on Brewery Road, Stillorgan. The 70sq m (753sq ft) unit has already had offers over the €255,000 asking price.

Back in Dublin 2, it’s understood Owen Reilly has just gone sale agreed on the off-market sale of a 130sq m (1,400sq ft) penthouse apartment for a figure believed to be about €1.2 million.

It comes with substantial outdoor space, but that’s still about €800 per sq ft – the rest of the market may have a bit of catching up to do.