A property developer is set to build 175 new homes in Bray after it agreed to purchase an eight-acre site on the Killruddery Estate. Glenveagh Properties is expected to pay about €9m for the land which is owned by the Brabazon family.
Last year under the new Bray Local Area Plan, an area in Killruddery behind Parklands Office Park directly opposite Bray Golf Club was rezoned for residential use.
Glenveagh chief executive Justin Bickle said it had not decided whether the Bray properties would be sold to occupiers or build-to-rent operators.
The news is a boost for house-hunters in the area as demand is seen as a major driver of prices in North Wicklow.
The highest median prices outside Dublin are in Wicklow at €315,001 while Enniskerry is the most expensive town outside of the capital, with average values reaching €638,000.
Overall, property prices rose for the second month in a row in April.
They were up 3.1pc nationally in the year, according to the Central Statistics Office.
This compares with an increase of 3.8pc in the year to March and an increase of 13.3pc in the year to last April.
Although prices are continuing to rise, the increases this year are at a slower rate than last year.
In Dublin, prices rose by just 0.5pc in the year to April, with no change in house prices.
The highest house price growth in Dublin was in South Dublin at 4pc, while Dun Laoghaire-Rathdown saw the greatest decline in house prices with a fall of 1.5pc.
Residential property prices in Ireland excluding Dublin were 5.6pc higher in the year to April.
Overall, the national index is 18.5pc lower than its highest level in 2007.