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This is officially Ireland's most expensive neighbourhood

Ireland now has 4,500 property millionaires.

Sandycove
Sandycove
Image: Shiutterstock

THERE NOW MORE than 4,500 “property millionaires” in Ireland.

That is according to the Daft.ie Wealth Report 2018. The report from the property website says that the number of houses in Ireland worth over €1 million is now 4,583, a change of 762 or 20% since this time last year.

It adds that there are now on average 15 properties sold nationwide every week that are worth €1m or more. At the very top end of the market there were 266 transactions of at least €1m since January of this year, which equates to just over 1.5% (1.64%) of the total market. This is slightly up on last year, where €1m+ transactions accounted for 1.62% of the market and significantly up on 2016 (1.34%).

The highest concentration of property millionaires is in Dalkey with 609, followed by Blackrock (576) and Rathgar (551).

By location, the most expensive markets are all in Dublin. The average asking price in Sandycove is now €910k, followed by Mount Merrion €821k, Foxrock €818k and Dalkey €758k. By comparison, the average asking price nationwide is €247k.

Outside of Dublin, Enniskerry in Co. Wicklow is the most expensive market with average property values of €648k, this is followed by Delgany, €466k and Greystones €414k. In Munster, Kinsale is the most expensive location (€369k) with Cork Commuter towns (€359k) and Rochestown (€328k) completing the top three.

In Connacht-Ulster, Salthill (€345k), Kinvara (€318k) and Rahoon (€307k) occupy the top slots.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said:

“The latest figures show strong growth in the number of property millionaires – those whose home is worth a million or more – in the Dublin area. This is good news for those homeowners, obviously. But it also tells us about how our economy is changing. Housing wealth is accelerating fastest in a number of markets in the greater Dublin area, both central, such as Dublin 1 and Dublin 10, and further out, like Westmeath and Louth. This highlights that access to employment, and other urban amenities, is still front and centre for those looking for a home.”

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 over €420 billion (€420,309,134,232).

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