Significant rise in property prices in coastal areas, 34% increase reported in one West Cork town

Significant rise in property prices in coastal areas, 34% increase reported in one West Cork town

The Coastal report highlighted some of the biggest price increases compared to before Covid-19 with a 34 per cent increase in Schull. 

Properties in parts of West Cork have soared in value following an increased interest in coastal properties during the pandemic era.

According to Daft.ie, properties by the coast in Ireland are now 23% more expensive than before the pandemic.

The Coastal report highlighted some of the biggest price increases compared to before Covid-19 in Kilmore Quay, Wexford (54.2%), Dunmore East, Waterford (51%), Lahinch, Clare (39%), Renvyle/Letterfrack, Galway (39%) and Schull, West Cork (34%). 

As well as this the study showed that searches on Daft.ie for coastal properties were up 45%, while searches for Dublin city were down 59% and one fifth of coastal properties are selling for more than 10% of the asking value - twice the national average.

Daft.ie looked at close to 120,000 properties listed for sale nationwide on the Daft.ie website from January 2019 to April 2021 and estimated how the price premium on coastal properties relative to other identical properties has changed over that time.

They found clear evidence that echoes the anecdotes that the price of coastal properties has been on the increase since the onset of the pandemic. 

In particular, they saw an effect on properties that are, not just within 500 metres of the coast of Ireland, but in areas where more than 10% of the total stock of housing are holiday homes. 

This latter feature identifies those parts of the coast that are well established in terms of coastal amenities, including beaches.

This report is based on an analysis of listed prices but, if anything, the growth has been even greater in transaction prices. 

The shift in interest from cities to coastline is also being seen in website searches and stated preferences of those active in the housing market.

A survey of Daft.ie’s users found that 9% of people who were looking to buy in a city pre-Covid-19 changed their mind to add a coastal county onto their selection of areas of interest post-Covid-19.

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