With all the talk of a need for more sites in Dublin in recent months, we were surprised to note one prominent location in one of the capital’s most scenic areas recorded a fall in value in the past week.

The 0.5 acre site at Robbswall on the Coast Road in Malahide has planning permission for a five-bed detached house with 368sq m (3,961sq ft) of living space that is planned for completion by January next year.

It is billed as a “dream home” , but it appears buyers remain to be convinced, if this week’s €150,000 price drop is anything to go by.

The proposed house, which promises contemporary living, spectacular sea views and a south-west facing garden, was first brought to the market by local estate agent Kevin Flanigan last July before being relaunched in March of this year.

Flanigan, who is personally involved in the development stage, cut the asking price by €150,000 in the past week from €2.1 million to €1.95million.There have been no biters despite claims from the agent that the house could be worth up to €3 million when complete as it’s a “unique address” on one of the last two sites available on the Coast Road. Buyers may still be a little way off the leaps of faith common a few years ago when properties were snapped up off plans.

Flanigan plans to put the wall plates for the house in place within the next four weeks. “We’ve had planning permission for a number of years but in the last three or four months we’ve looked to pursue things before the application runs out.”He says he’s confident the site will be sold by the autumn.