TWELVE PROPERTIES WORTH €1 million or more are sold every week in Ireland on average, according to the latest Wealth Report from Daft.ie.
The number of homeowners in Ireland whose property is worth €1 million or more – making them ‘property millionaires’ – currently stands at 3,821.
The highest concentration of property millionaires is in Dalkey, Dublin, with 609. This is followed by Blackrock with 576 and Foxrock with 540.
The average property worth, nationwide, for the first quarter of 2017 was €230,000.
While this was significantly less than what the average home was worth in Ireland 10 years ago, at €370,000, it’s 40% higher than the average home five years ago, at €165,000.
Based on the 1.7 million occupied properties in Ireland, the combined total residential property value in the country is just shy of €392 billion.
Dublin leads the way
Unsurprisingly, the most expensive market locations are in Dublin.
South County Dublin is the most expensive market in the country, with an average property value of almost €550,000.
The average asking price in Sandycove currently stands at €787,000. This was closely followed by Foxrock at €759,000 and Mount Merrion at €748,000. Dalkey was the fourth most expensive area in the country, with a property price average of €693,000.
In Sandycove, a terraced house was the most expensive housing type, falling in at an average of €1,089,000.
Meanwhile, the average price for a detached house was €1,500,000, while semi-detached houses averaged at €1,232,000 and bungalows at €1,328,000.
Ireland’s most expensive streets
The Property Price Register provides information on the price houses sold at across Ireland on specific dates.
Daft.ie collected data from the register to pinpoint Ireland’s most expensive streets.
Looking at residential transactions of €3 million or more over the last 18 months, there are five streets that have a number of homes that have sold for such amounts.
The most expensive street in Ireland in 2017 was Herbert Park, Ballsbridge, which sold five properties for at least €3 million in the last 18 months.
Shrewsbury Road and Ailesbury Road – both in Ballsbridge, Dublin – have had three homes sell for at least €3 million in the last 18 months.
Temple Gardens, Rathmines, also has had three homes sell at a minimum of €3 million, while Westminister Road, Foxrock, falls into fifth place.
Trinity College economist and Daft.ie report author Ronan Lyons said: “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.
Around the country
Outside of Dublin, Enniskerry in Wicklow was the most expensive market with average property values of €495,000.
This was followed by Delgany (€387,000) and Greystones (€357,000), both in Wicklow.
In Munster, Kinsale was the most expensive location at €309,000. This was closely followed by Cork commuter towns at €304,000 and Rochestown, Cork at €297,000.
In Connacht-Ulster, Kinvara fell into first place at €257,000, Oughterard in second at €219,000 and Virgina in third at €196,000.
Cheapest locations
In comparison, the two least expensive markets are both in Roscommon, with the average asking price in Ballaghaderreen some €729,000 cheaper than Sandycove, at €58,000.
Strokestown was second cheapest in Ireland at €59,000.
Meanwhile, Ballymote in Sligo fell in at €62,000, with north-east Galway and Castlereagh in Roscommon both following closely at €63,000.
Latest housing prices
While Daft.ie has found that the average property worth nationwide for the first quarter of 2017 was €230,000, the Central Statistics Office’s latest housing figures from May show that the average price being paid for a home is €197,699.
The CSO residential property index for May found that residential property prices at a national level increased by 11% in the 12 months to May.
Across the country, it found that only Longford had an average house price that was under €100,000.
Longford’s average price was €90,502, closely followed by Roscommon with €101,242 and Donegal with €115,147.
The most expensive place by council district was Dun Laoghaire-Rathdown, where the average house cost €564,034.
Outside Dublin, Wicklow had the most expensive house prices in Leinster, with an average price of €317,585.
Since property prices reached their lowest level in Ireland in early 2013, the average price of homes in Ireland has increased by 68.1%, according to the CSO.
Student accommodation
Although Dublin was found to be the wealthiest area for property in Ireland, the capital is in the midst of a serious housing crisis, with demand for properties far outstripping supply.
Dublin homeowners were yesterday asked to rent out their spare rooms to students looking for places to live.
A joint initiative between Trinity College Dublin and UCD’s student unions and property website Daft.ie is aimed at encouraging people to help alleviate students’ housing worries.
Student “digs” have long been a chosen accommodation method for people going to college. A homeowner with a spare bedroom is able to earn up to €14,000 in non-taxable income by letting out empty rooms in their house.
Commenting on the initiative, UCDSU president Katie Ascough said there were over 120,000 “empty nesters” who had empty rooms in their homes.
TheJournal.ie publisher Journal Media Ltd has some shareholders in common with Daft.ie.
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