$900,000 Dublin Apartments Are Back

(Bloomberg) -- Cairn Homes Plc sold a river-front apartment development in Dublin for 101 million euros ($116 million), as prices soar again a decade after the real estate bust which almost bankrupt the nation.

The Hanover Quay development of 120 waterfront apartments is being bought by Irish real-estate firm Carysfort Capital, Cairn said on Thursday. The deal, which includes a cafe and restaurant space, equates to an average gross sale price of about 800,000 euros per apartment, the company said.

It is the latest in a stream of real estate deals in the so-called Silicon Docks area of the city, close to the European headquarters of Facebook Inc. and Alphabet Inc.’s Google. The area may also be boosted by an influx of banks after Brexit. The Hanover Quay development is close to the 200 Capital Dock building which JPMorgan Chase & Co. bought a year ago for 125 million euros. That block will be able to accommodate more than 1,000 workers.

Dublin is gripped by a housing shortage, pushing rents to 30 percent above the previous record according to real estate website Daft.ie. Home prices in Ireland have surged 76 percent since their 2013 trough, the nation’s statistics officesaid June 13. Dublin prices are up 90 percent since 2012.

To contact the reporter on this story: Peter Flanagan in Dublin at pflanagan23@bloomberg.net

To contact the editors responsible for this story: Vidya Root at vroot@bloomberg.net, Dara Doyle

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