Properties with a view of the sea can command prices up to 32 per cent higher than a similar property with no sea view, a study has found.
Research conducted by property website Daft.ie found that a full sea view adds €11,000 to a property’s value on average, while proximity to a beach is also seen as a benefit from a price point of view. Living within a kilometre of a blue-flag beach can boost a property’s price by €6,000, the study suggests.
Having analysed more than 500,000 property listings, Daft found that proximity to the sea was important, with a premium attached to properties with a wide view of the sea within 100m from the property.
The trend in sales properties is reflected in rentals with those close to a shingle with broad views of the coast achieving higher rent.
However, being too close to cliffs can reduce a home’s value by up to €7,000, the property website found.
Ronan Lyons, the report's author and an economist at Trinity College Dublin, said the findings gave an interesting insight into the property market.
“If a considerable premium exists for views, and those views are the largest at the coast, then building up at the coast may be the best way to facilitate supply to meet demand. In the century of the city, the sea may be key,” he added.
Mr Lyons’s research found that proximity to a shingle was more advantageous then simply a blue-flag beach, while view depth was preferable to view breadth.
The research was conducted by putting properties into a house price equation that analyses the value of each home down into all of its constituent parts.
It found that properties within 100m of the coast with a wide view of the sea were a third more expensive than otherwise identical properties. Properties “somewhat close”, or between 500m and a kilometre, were also more expensive but by just under 5 per cent.
