Dublin 22: Area defies ‘flatline’ forecast to publish price increases of 5 per cent

Buyers in the area are primarily first time buyers, Dublin commuters and people who trade within the area,” says O’Brien. “We don’t usually see too many investors here showing interest because of political issues.”

“Clondalkin will always hold its ground because of its location,” says O’Brien. “It’s unique in that it’s as close as you can get to the M50 but just off junction 9 and with the Luas line passing the Red Cow it’s an easy walk into either the city center or throughout the country.”

It’s also traditionally been seen as good value, O’Brien says, being priced slightly more affordable than Lucan or Tallaght. “It has never attracted buyers over the years.”

As a mature settlement area, it benefits from very good schools, particularly secondary schools, in the village, according to O’Brien. As well as jobs in the old local industrial areas, its location – equidistant between the Liffey Valley and The Square in Tallaght – also offers plenty of retail employment opportunities for young people.

O’Brien has found that the smaller properties, or apartments, see the most gains. One- and two-bedroom apartments, which averaged about €180,000 and €210,000 last year, could now fetch about €200,000 and €230,000, respectively, especially if they are within walking distance of the Luas line.

Residents will keep tabs on the development of the grand plan for the new town of Clonburris, set to be built on 280 acres between Clondalkin and Lucan and finally getting underway after a decade of planning and delays.

Cairn, which is estimated to sleep up to 23,000 people in 8,700 units, received approval from South Dublin Council last year to build 5,500 of these, and the first phase of 569 apartments is due to launch in mid-2023.

O’Brien sees both positives and negatives on the track. Raising lending rates for first-time buyers and reducing deposits for later buyers should boost sales, but with the eviction ban still in place, he expects few ex-rental properties will come onto the market, so inventories could fall significantly for the first quarter of the year. However, he still expects growth of 5% for 2024.

Real Estate Hotspot: Old Clondalkin

The older parts of Clondalkin, particularly anywhere close to the Luas line or with easy access to the M50