As clients of Daft.ie we would like to give you first access to the Daft.ie Wealth Report which shows that on average 12 properties worth €1m or more are sold every week in Ireland.
Total value of all residential property in Ireland approaches €400 billion
Sandycove in Dublin is the most expensive market in the country, with average property values close to €800k
Ireland’s most expensive street in 2017 is Herbert Park in Ballsbridge, which has seen no fewer than five properties changes hands for €3m or more in the last 18 months
The number of homeowners in Ireland whose property is worth €1m or more – making them “property millionaires” – is approaching 4,000, according to the 2017 Daft.ie Wealth Report .
The total number of property millionaires now stands at 3,821.
With house prices growing by 9.4% year-on-year, there are now on average 12 properties sold nationwide every week that are worth €1m or more. At the very top end of the market there were 2,686 transactions of at least €1m since January 2010, which equates to just over 1% of the total market.
The highest concentration of property millionaires is in Dalkey with 609, followed by Blackrock (576) and Foxrock (540).
By location, the most expensive markets are all in Dublin. The average asking price in Sandycove is now €787k, followed by Foxrock €759k, Mount Merrion €748k and Dalkey €693k.
Outside of Dublin, Enniskerry in Co. Wicklow is the most expensive market with average property values of €495k, this is followed by Delgany €387k and Greystones €357k. In Munster, Kinsale is the top location €309k with Cork Commuter towns €304k and Rochestown €297k completing the top three.
In Connacht-Ulster, Kinvara €257k, Oughterard €219k and Virgina €196k occupy the top slots.
In comparison the two least expensive markets are both in Roscommon, with the average asking price in Ballaghaderreen some €729k cheaper than Sandycove at €58k, Strokestown (Roscommon) is next at €59k with Ballymote/Tubbercurry (Sligo) €62k, North-east Galway €63k and Castlereagh (Roscommon) €63k rounding off the bottom five.
Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said “Understanding where our country’s housing wealth lies is not only interesting reading, it is also important for policymakers. Real estate forms the biggest chunk of Irish wealth, providing a natural source of funding for public services that are tied to particular locations, such as schools. What is clear from the figures published in this report is that housing wealth is concentrated in urban areas. By connecting this with information on public spending, it is possible to see whether all areas are getting their fair share of public monies.”
In terms of overall value, based on the 1.7m occupied dwellings in Ireland, the combined total residential property value in the country is worth just shy of €392bn (€391,721,669,809).
Martin Clancy of Daft.ie said: “Dublin continues to be the centre of the million-euro plus property market in Ireland. The Daft.ie Wealth Report, also highlights that 1.34% of all transactions since January 2016 were worth €1m or more.”
Full report available here Daft.ie Wealth Report
Your Daft.ie Team