Properties by the coast in Ireland are now 23 per cent more expensive than before the pandemic, according to the Daft.ie Coastal Report 2021.
The premium for properties in these coastal areas - which range from Carlingford and Rosslare on the east coast, through Kilmore Quay and Schull on the south coast to Lahinch, Renvyle and Dunfanaghy on the west coast - has grown dramatically over the last year.
As a result of the increased premium a property in these coastal areas is now 23 per cent more expensive than before the pandemic.
They said it compares to a national average increase of just 8.7 per cent in the same period.
Alongside the analysis of the change in premium over time, they focused specifically on a number of well known coastal areas.
Places like Lahinch in Clare and Kilmore Quay in Wexford have seen the average price of a 3-bed house increase by 39 per cent and 54 per cent, respectively, in the year since the start of Covid-19 compared to the year proceeding Covid-19.
They said they looked at 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 have been on the increase since the onset of the pandemic.
In particular, they say an effect on properties that are, not just within 500 metres of the coast of Ireland, but in areas where more than 10 per cent of the total stock of housing are holiday homes.
Other key findings from the report include:
- One fifth of coastal properties are selling for more than 10 per cent of the asking value - twice the national average
- Some of the biggest price increases compared to before Covid-19 are seen in Kilmore Quay, Wexford (54.2 per cent), Dunmore East, Waterford (51 per cent), Lahinch, Clare (39 per cent), Renvyle/Ltterfrack, Galway (39% and Schull, West Cork (34 per cent)