Kildare has a two-tier property market, with north Kildare, which includes Celbridge, Clane, Leixlip and Maynooth, faring better than areas such as Newbridge, Athy and Castledermot.
One of the primary reasons for this is that north Kildare has better infrastructure in road and rail networks. This allows commuting to Dublin. Major employers such as Intel and Hewlett-Packard in Leixlip have also helped to soften the recessionary blow.
Last year saw 1,838 properties sold in Kildare, which was a 38.9 per cent rise on 2013. From January to March this year, there has been an 82.1 per cent increase on the same period last year.
Eamon O'Flaherty of Property Partners Brady and incoming president of the Institute of Professional Auctioneers and Valuers (IPAV), saw a lull in Maynooth before Easter 2015.
"There was so much uncertainty around the new mortgage rules but since then it has been all systems go with prices up approximately 7-8 per cent," O'Flaherty says. He is optimistic about 2015, citing the €150 million development plan for Maynooth University Campus as an example of growth. "Maynooth is now the fastest growing university in Ireland, and there is great demand for four-bedroom family homes, but there is still a limited supply of good houses," says O'Flaherty.
Strong demand
In Newbridge, Paddy Jordan of Jordan Town & Country had a flagship sale this year with Castlemartin House in Kilcullen. The former home of Sir Anthony O'Reilly, which achieved €26.5 million in January, was also the largest residential sale so far this year.
Jordan has had a “very good year, with a strong demand in all areas, especially in agricultural land due to the strength of the bloodstock industry”.
Scarcity of stock is echoed in Newbridge, with Jordan citing the lack of permissions granted in the last few years due to the limited supply of utilities and services. The eastern interceptor, a sewer pipeline of the Osberstown treatment plant which services the area, has been at full capacity and resulted in refusal of many housing applications in Clane, Newbridge and Kilcullen.
Recent work has upgraded the project somewhat and it is expected to be completed by 2016, which should open the door for new developments.
Liam Hargaden of Jordan Town & Country sees a levelling off of values.
“Prices dropped so far they were always going to bounce back, but now prices are creeping at 7-8 per cent increases, rather than the 20 per cent leap witnessed from 2013 -2014,” Hargaden said.
Dublin commuters
Returning emigrants are emerging as buyers due to the strength of sterling and the US dollar against the euro.
There are also Dublin commuters who get more bang for their buck in Kildare, where €220,000 will buy a three-bedroom semi-detached house in Newbridge. In Clane, Gero Gannon of Sherry FitzGerald Reilly, finds 2015 slower than 2014. "The three-bed semis are slow; I think first-time buyers are affected by the new lending restrictions, but four-bed semis and apartments are selling better."
Gannon believes the new lending rules are driving first-time buyers from Dublin to Kildare, as prices in the capital continue to rise.
In Naas, there is a more positive outlook from agents.
“There were 20 new houses sold in Naas in 2014,” says John O’Reilly of Sherry FitzGerald O’Reilly. “While this is a major jump from the two to three sold annually during the recession and a far cry from the 500 sold each year in the boom, I would estimate that 2015 will see new house sales in the region of 100.”
Richard Doyle of DNG Doyle agrees, citing the 900 new jobs created by Kerry Group.
“There is a welcome return of confidence in Naas, investors have been encouraged through previous budgets, and there is really great value for money to be had locally,” Doyle says.
