2 bed investment apartment, in/around Dublin city center. Any areas better / worse?

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evman99

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I am looking to buy a 2 bedroom investment apartment in or near Dublin city center. What would be considered good areas and what are areas to avoid ?

Thanks
 
A good area to live in is not always the same as a good area in which to invest.

For example, the yield on 2 bedroomed apts in much of the north inner city - Gardiner St , Capel St, Parnell St, Smithfield is much higher than around Baggot St.

The best "ready-reckoner" is to pick apts from daft.ie myhome.ie which are for sale .
And then pick those that are for rent.
You will invariably notice that the slightly more down-scale areas produce a couple of percent more than the slightly posher areas.
(to take the example to extremes you can get a very high yield out of centre in parts of Crumlin and B'fermot and an abysmal yield in Aylesbury/Anglesea area)

Other than the usual provisos of an area not being next to a bunch of druggies whether in a clinic or rough corp flats (sorry I'm a snob), and being as near as possible to a LUAS line I cannot think of a particular area which should be avoided.

None of the above takes into consideration possible increases in capital values , a subject we don't discuss on AAM.

But whatever or whether you buy you MUST get hold of existing tenants and chat to them - say you're moving in and what do they think. They'll tell you far far more than any estate agent. Female tenants will quickly point out any problems in the apt complex
 
thanks for your in depth profile ....

would you consider these areas as rough ?....

Gardiner St , Capel St, Parnell St
 
Following is purely my own prejudicial view -working 33 years in that area and owning apts for much of that time.....

There are hundreds of apts in and next to those streets mostly occupied by respectable generally youngish people , Irish and foreign. Not rough but certainly not posh.

Gardiner St does border a vast council housing area -and there are corpo flats along parts of it, so that would be ,to me, the least desireable street -though the nearer to Talbot Street the better. I wouldn't want an apt overlooking the street -traffic by day rowdies by night.

Parnell St from Parnell sq to Capel St is - to me - very slightly better and loads of shops for tenants at the ILAC. Still a few social housing areas -Dominic St- leading off it.

Capel St is perhaps least "rough" and is closest to places like Temple Bar and the civilised south-side, and next to Jervis Centre.
It's also a quieter street for traffic -though still busy during the day. Quite quiet at night though.

I've concentrated buying around Capel street and tenants seem to like it. Maybe the lack of giant apt complexes helps. Not that many apts for sale on Capel St.

Dublin city centre has improved over the last decade and I believe it will continue to do so- even the northern part.
 
OP, I think it is pure madness asking others on a forum as to what and which parts of Dublin are the best and most secure parts of the city to live. In reality as it's your money, you might be best to travel the areas concerned, morning, noon and night and then form your own opinion. Then if it all ends in tears, you only will have yourself to blame.
 
One big aspect of AAM is being able to ask questions and get opinions from others who may have experience or knowledge or just a particular view about the subject.
 
Hi

Do you know the Portland Lock apartments on Dorset street. What is your view on that area?

Tnx
Evan
 
OP you are clearly looking at areas where you think there is value in apartments. Personally I wouldn't go near them with a barge pole. I'm with mercman, check the areas out at various times of night and day. You might want company at night.
 
Good rentals -close to centre and only few hundred yards from both Mater and Temple St hospital-good for rentals one beds 900 two beds 1.000-1.200 depending.

The yields here are good.
I said before the best investments are not the places one would choose to live. However, although near some poor (rough?) areas it is verging on Drumcondra and I've not heard horror stories about it. This complex is in a quiet area overlooking the canal -but I don't know what it's like at night as it's slightly out of the area I know best.

I agree that perhaps one should recon an area and I dont think i can give more advice on this or other parts of inner city.
 
Bridgewater Hall off Summerhill Parade

Hi Oldnick

If you dont min I'd be interested to hear your opinion on the area around Summerhill Parade and the Bridgewater hall apartments.

Take care

Evan
 
My daughter lived in portland lock area for a few years and even though I worried about her at night she assured me that she walked back late at night on her own (most of her friends lived in southside) and never felt in danger (not that stopped my worrying) but then would she be any safer doing that in any other part of the city. The apartments there are lovely and big with a balcony over the canal.
 
evman99 said:
I'd be interested to hear your opinion on the area around Summerhill Parade and the Bridgewater hall apartments.
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If you want an up to date current opinion, why not call in to the local Garda Station and the question directly, and then you'll find out about the area, the people and the nocturnal habits of the people.
 
Sorry OP but it seems to me that you don't know Dublin at all. Would you be better off looking for value somewhere else where you do know the lay of the land a bit better?

Presumably you'll be appointing an agent to look after the apartment? Would talking to one of them first be an idea?
 
Please refer to Post 5 that I made the same point.

If the OP holds such a desire to rid himself of money, he might be best donating it to a credible charity. Some of the areas mentioned in this post would not be classed as friendly. Even the Alsations go around in pairs !!
 
Are you confident that residential property investment is the best home for your money in the current environment, and that you have a good understandings of the risks involved?
 
oldnick, thanks for the replies.

Would posters mind not discouraging the OP from asking questions, or respondents from answering. You have no idea of his/her current state of knowledge, and it may be a completely casual question antecedent to seeking more detailed advice or doing their own investigations. The site is about sharing information, and there are others (like me) also casually interested in the answers. I repeat, you don't know the state of the OPs knowledge or their plans, so it is very presumptuous to tell them it is "pure madness" to merely ask a question.
 
evman99 said:
I am looking to buy a 2 bedroom investment apartment in or near Dublin city center. What would be considered good areas and what are areas to avoid ?

Thanks
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Three words followed correctly will at least set you off on the right foot,research research research.

You are off to a good start!

Smithfield,Inchicore,Phibsborough,IFSC (pricey)along the quays,Finglas,Capel st would be a very good bet.

Anywhere near to good transport links and amenities but close to the city is a good bet.

Nick is correct in every point he has made,with rentals its very much down to net yield.

Other points to consider

When you are looking at properties/apts do checks on the current property management agents.

What is their reputation like...google them.

What is the sinking fund like?

What are the annual fees?

In newer developments,the snags were not ever completed out,dragged out over the years and large sums of money are now needed to fix these snags.

Has the developer been NAMAED?

Google the particular complex you have in mind,nothing worse than tenants leaving one after the other either due to social problems or paper thin partition walls,tenants tend to post these experiences on fora.

Is there a higher % of owner occupiers (good sign)

How quickly will this rent and for how much..place a dummy ad,see what the response is like (let the phone ring out and return the call,unfair to put callers to expense)

Yield is your friend if you aren't getting a good return its simply not worth your time.10% plus

Do your sums,right down to the pound shilling and pence,factor in voids and every possible drain/cost on your finances.

Look at how future budgetary measures will impact your business,will tax relief on interest be cut further?

Will the property tax be hiked?

Best of luck with it mate.
 
dub_nerd said:
Would posters mind not discouraging the OP from asking questions, or respondents from answering. You have no idea of his/her current state of knowledge, and it may be a completely casual question antecedent to seeking more detailed advice or doing their own investigations. The site is about sharing information, and there are others (like me) also casually interested in the answers. I repeat, you don't know the state of the OPs knowledge or their plans, so it is very presumptuous to tell them it is "pure madness" to merely ask a question.
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Would have to agree with this.

Just bought apartment myself in the last week in Dublin in an area where there are very few apartments of this size for rent in an affordable price range.

It was a receiver sale and the price was, IMHO, an absolute solid investment considering the yield, the location, the quality of the build, the quality of the interior finish.

Went to 4 open viewings and there is huge interest in the Dublin area at the moment, particularly it seems from cash buyers.

Each viewing attracted between 30 to 50 viewers. Was surprised at the number of Chinese investors who were at all 4 viewings and, according to the various agents showing the properties, they are buying all over Dublin for cash. Other viewers we chatted to were middle aged people who decided to invest as the return on the savings is dwindling, particularly since the reduction in interest on State Savings schemes.
 
Delgirl - Do you mind if I ask where you got the details for the receiver sale?

Old Nick & Kutnell - some excellent points there, most I had on my check list, but there are a few extra which I will bear in mind,

Kutell, you mentioned "Has the property been NAMAed"
What would be the various pros/cons of this (assume price could be a pro but management might be an issue)
 
evman99 said:
If you dont min I'd be interested to hear your opinion on the area around Summerhill Parade and the Bridgewater hall apartments.
Click to expand...

Hi Evan, I'm not familiar with Bridgewater Hall itself but there is a Dublin bus garage in Summerhill that gets noisy at night so not ideal from a rental perspective, just something to bear in mind. It backs up the point about visiting the area day and night.

As @oldnick says, there are great yields in the north inner city at the moment. Best of luck with your investment.
 
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