Dublin 20: Acute shortages cause homes to skyrocket by 7 per cent

“It was phenomenal,” he says, “and there were six bidders.”

In Chapelizod, where there is an acute shortage of second-hand homes, houses are selling for well over half a million.

In Palmerstown, the Culmore Road area continues to attract buyers looking for a swap, but renovated homes will do better than others.

“Homes that need work aren’t as popular as fully renovated homes as buyers try to avoid the high construction costs,” says Berkeley.

That said, local buyers are always keen to move to both D20 areas as they have access to the M50 via junction 7, the N4, and are only four miles from the city centre.

There have been a number of home sales in Chapelizod in 2022, but again new stock is severely limited.

On the rental front, work is underway on Palmerstown Gate, an €85 million 260-apartment development on the N4 in Palmerstown.

The apartments, which will be a mix of one and two bed apartments in five blocks, will be built for rent. The first phase of the program is expected to be completed later this quarter.

Real Estate Hotspot: Palmerstown Drive

Remaining the ‘holy grail’ among some very nice roads in the area always faces stiff competition among buyers

Berkeley expects stocks to rise another 7 percent in the coming year despite a global downturn. “There’s a lot of money out there and confidence is high,” he says.