There are now over 5,000 'property millionaires' in Ireland

SEVENTEEN PROPERTIES WORTH €1 million or more are sold every week in Ireland on average, according to the latest Wealth Report from Daft.ie.

The report, which analysed trends in the premium property market, found that the number of homeowners in Ireland whose property is worth €1 million or more – making them “property millionaires” – currently stands at just over 5,000. 

Researchers found that the number of weekly sales of properties worth over €1 million had seen a 13% increase in the last six months due to house prices growing by 6.6% year-on-year. 

There has been an increase of 452 “property millionaires” since June, with the total now standing at 5,305. 

The highest concentration of property millionaires is in Foxrock with 1,452, followed by Dalkey (649) and Blackrock (576).

Eglinton Road in Donnybrook is Ireland’s most expensive street. It has seen no fewer than five properties change hands for €3.5 million or more in the last 18 months.

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Based on the 1.7 million occupied dwellings in Ireland, the combined total residential property value in the country is worth just under €450 billion up from €420 billion in June of this year, representing a daily increase of €150 million.
Daft.ie’s report found that the most expensive markets were in Dublin, with the average asking price in Foxrock  (€872,000) followed by Mount Merrion (€863,000), Dalkey (€825,000) and Sandycove (€818,000). 

While nationwide, the average asking price nationwide is €257,000.

In comparison, the two least expensive markets are in Roscommon and Donegal, with the average asking price in Ballaghaderreen, Roscommon some €777,000 cheaper than Sandycove at €95,000, while Bundoran, Donegal is next at €103,000. 

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Outside of Dublin, the most expensive market is Enniskerry, Co Wicklow with average property values of €639,000, followed by Delgany at €490,000 and Greystones at  €437,000.

In Munster, Kinsale is the most expensive location with average prices of €384,000 with Crosshaven (€294,000) and Bandon (€293,000) following behind. 

In Connacht-Ulster, Kinvara claimed the top spot at €332,000 with Oughterard (€239,000) and Westport (€234,000) completing the top three.

‘Brexit-related uncertainty’

Ronan Lyons, an economist at Trinity College Dublin and author of the Daft.ie Wealth Report said it is unsurprising that the country’s housing wealth is concentrated in cities. 

Urban Dublin makes up less than 1% of the land mass of the country but is home to over 40% of its housing wealth.

“The other four cities bring the urban share to roughly half. This is perfectly normal and indeed probably less stark than other countries, where greater populations drive even greater land values in the most desirable locations.”

According to Lyons, changes in housing wealth can indicate that important changes are underway in the economy. 

“Donegal now has two of the cheapest ten markets in the country, with the Lifford/Raphoe area joining Bundoran in that list. This tallies with other evidence that Brexit-related uncertainty has taken its toll on the northern market.”