THE TOTAL VALUE of residential dwellings in Ireland has increased to €510 billion – up from €479 billion one year ago.

The most recent Daft.ie report shows a daily increase in value of €83 million with Mount Merrion in Dublin now the most expensive market in the country with average property values of €854,000.

Coliemore in Dalkey is Dublin’s most expensive street with no fewer than four properties changing hands for an average price of €5.5milllion. Outside Dublin, the most expensive street is Scilly Hill, Kinsale in Co Cork with an average house price sale of €2.5million.

“Ireland’s two million homes are worth over €500bn. This marks an increase of just over €30 billion in a year,” Daft economist Ronan Lyons has said.  

“While the bulk of that comes from changes in property values, a growing share of the change in Ireland’s property wealth is coming from new construction.”

‘Co-living’

Ireland’s most expensive property markets are all in Dublin with average asking price in Mount Merrion now €850,000 followed by Foxrock at €834,000 and Sandycove at €752,000. By comparison, the average asking price nationwide is €261,000.

Although Dublin remains the wealthiest area for property in Ireland, the capital is in the midst of a serious housing and rental crisis, with criticism recently leveled at the prospect of co-living dwellings being built in the capital to accommodate young professionals. 

Earlier this week, TheJournal.ie reported that Britain’s biggest co-living company had closed a deal for a large site in Dublin’s historic Liberties area. 

In defence of co-living, Housing Minister Eoghan Murphy has said young workers should be excited about the concept, while Sinn Féin leader Mary Lou McDonald described them as a “glamourised form of tenement living”. 

According to the most recent report, house prices are growing by 5.9% per year. In 2019, an average of 11 properties worth over €1 million are sold each week with over 2,500 property millionaires across Ireland. 

The cheapest market in the country remains Ballaghaderreen in Roscommon which has an average property value at just €97,000. It’s the only market in the country where property values are below €100,000.

The full report can be viewed here.