Thinking of investing in apartment in a new development in Meath St Area - Dublin 8

N

Natasha_x

Guest
Hello,

I am thinking - seriously - about investing in an apartment in a new development in the Meath St area.

However.. I know the whole vicinity can look a bit rough at times..

Q. What advice would you give to a potential investor?

Is it a rentable area?

and would Young Professionals live there?

Thanks!
 
Re: Meath St Area - Dublin 8

If I'm not mistaken Oscar winners even live there! Brenda Fricker lives (or used to live) in the area!....A good friend of mine lives in the area and loves it. He was initially worried about living there but in three/four years has experienced no problems at all.
 
Re: Meath St Area - Dublin 8

HI

I lived and worked in the area for 5 years. On the plus side it is short walk to city centre and you have James's Hospital and Coombe hospital nearby, so possibly good for renting.

On the negative side the area is rough, there are lots of young people on drugs and it really is not safe to walk around after dark, sometimes even in the day its not safe. The Spar on Thomas St. is a known meeting place for anyone looking for drugs and that section of Thomas St. up as far as St. Catherines Church can be unpleasent with drug addicts hustling. The grave yard behind the church is also almost always full of addicts drinking and drugging. If you are considering an investment property I would advise you get independent financial advise, there have been a lot of apartment developments along Cork St and up towards Kilmainham and I keep hearing that a lot of them are still unrented. Personally I feel the time may be past for an investment.
 
Re: Meath St Area - Dublin 8

God.. 2 opinions there - at complete loggerheads with eachother.

I was down there again today.. scouting around.

It strikes me as being quite "Inner City" - obviously...

..but appearences can be decieving. It seems like a bit of a melting pot, and reminds me of Dorset St maybe 8 or 9 years ago. Dorset St is fine now.

The terraced houses, and run down shops give it a look associated with a much older generation.. Although I suppose in reality this is the uniform of a disagvantaged area being worn. It looks that way because it is, and all the usual trappings have to go with that.

I saw a lot of Mum's with schoolkids down there.. It looked fine. I think that its bark is worse than its bite.

I'm sure the whole area is going to be transformed over the next 5+ years though.. I mean, the whole street is black with soot, and looks like a throwback to another era in places etc..

It has to catch up, or be pulled kicking and screaming. Its a gamble.
 
Re: Meath St Area - Dublin 8

MY BF worked and lived in the area for 6 months and walked up and down at night and during the day. He was spat on and attacked by a gang because he went to the aid of a young woman who they had flicked a cigarette into her face for no reason. He said not to go there alone because of the drugs etc, that is no disrespect to the many decent people living there. He said he wouldnt live there again.
Also are you in a position to take a hit on the mortgage if the rent cant cover the mortgage.
 
Re: Meath St Area - Dublin 8

I don't think the digital hub ever got properly off the ground. There was an article last week in the independent.
TAOISEACH Bertie Ahern was yesterday accused of bearing personal responsibility for the "flaky" pet project Medialab Europe that failed with a loss of more than €35m of taxpayers' money.
Click to expand...
 
Re: Thinking of investing in apartment in a new development in Meath St Area - Dublin

There is also the issue that you are unlikely to find an apartment to invest in that will come anywhere near paying for itself in that area - ie rent covering mortgage - unless you have a very low LTV ratio.

Therefore you will have to be prepared to lose money on the investment for at least the first couple of years. Capital appreciation would therefore be very important and that is not guaranteed.
 
I planned to invest here about five years ago, just when The Digital Hub was starting and even then, I found that prices were just as high and often higher than more settled areas close to the city centre. If it were my money, I'd invest in more solid areas a tiny bit further out, which still offer relatively good value like East Cabra, Whitehall, Stoneybatter, maybe parts of Drimnagh close to the Luas. That said though, I probably wouldn't invest in Dublin at all at the minute.
 
I lived around James St for a few years. Found it to be fine and it was great to be able to stroll into town or jump on the luas. That part of town, especially around the Coombe, has a bit of character to it with all the street traders etc. Every part of Dublin city centre is potentially dangerous but if you are sensible, for example using a taxi to get home late at night, it is fine. There is a steady level of regeneration going on and as an investment its safe because of the strong rental market. I recently sold my place with some regret even though I made a good profit.
 
Err, surely it depends on the price?

It's still a ropey area but as a result there's obviously scope for improvement in the years to come. However if you're paying 350K for a 2 bed apt when the rent doesn't even cover the interest on the mortgage then I'd say it's overpriced.

Baghdad is a ropey area but maybe in years to come it'll be great, an apt for a few thousand might be a good investment, a 1 bed for 500K wouldn't.
 
Re: Meath St Area - Dublin 8

Marie M said:
I'd say go for it.
Click to expand...

On which basis? OP did not even state basic info such as number of rooms & price....

It would be like saying "It is Ok, you can jump" without knowing if there is any water in the pool (nice ad on TV BTW...)
 
I lived beside Meath Street for 2 years about 6 years ago.
It is handy eough for town you can walk at night etc and not get a taxi.

But it really hasn't 'come on' anywhere as quickly as I thought it would.
It really depends why you are buying there?
If it's for investment I would be careful.

There is alot of development in the area so prices aren't increasing as quickly as they could have done.

It does have the inner city vibe, and all that goes with that.
Drugs, joyriding etc. You get used to it, but I have to say I don't miss it having moved out of the area!
 
My mate used to live there and one Saturday afternoon my car parked outside the front door and was broken into. This was in the middle of the day!! They had tried prying open the doors with screwdrivers and when they coudn't they just smashed the window and took my stuff. When I came out there was a Garda standing beside the car minding it.

On another night my mate was walking back from town and was nearly at home when he was attacked, beaten up, and his wallet was taken from him.

So, I wouldn't live there myself, nor would I want any of my family or friends living there. It's also unlikely that capital appreciation will be forthcoming any time soon so I'd give it a miss if I were you.
 
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