#Open journalism No news is bad news

Your contributions will help us continue to deliver the stories that are important to you

Support The Journal
Dublin: 9°C Friday 23 October 2020
Advertisement

Value of residential property in Ireland up by 5.3bn euro in last 12 months

Temple Road in Darty is now Ireland’s most expensive street.

Image: SamBoal/Rollingnews

SEVEN HUNDRED AND fifteen properties worth €1 million or more have been sold in Ireland so far this year, according to the latest Wealth Report from Daft.ie.

The report, which analysed trends in the 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 1,463.

The highest concentration of property millionaires is in Dublin’s Dalkey with 276, followed by Ranelagh (252) and Ballsbridge (235).

Researchers found the value of all residential property in Ireland now stands at over €519 billion, up from €514 billion a year ago, representing a daily increase of €15m.

The report notes that almost all of this increase – just over €5.1bn – has come from newly built homes adding to the stock of housing.

“While Ireland’s homeowners may disagree, adding extra housing wealth through building more homes – rather than pushing up the value of existing homes – is the healthier way of doing so, at least in a country where there is strong demand for accommodation,” said Ronan Lyons, an economist at Trinity College Dublin and author of the Daft.ie Wealth Report. 

“There is, of course, a link between the two: the more new homes are built, the less likely it is that the value of existing homes will soar.” 

Wealth Report-2019 H2-Landscape 02 Source: Daft.ie
Daft.ie’s report found that the most expensive markets were in Dublin, with the average asking price in Mount Merrion (€777,000), followed by  Dalkey (€743,000) and Sandycove (€740,000). 

The average asking price nationwide is €257,000.

By comparison, the least expensive market is in Roscommon, with the average asking price in Ballaghaderreen, Roscommon some €681,000 cheaper than Mount Merrion at €96,000. It remains the only market in the country where property values are below €100,000.

Outside of Dublin, the most expensive market is Enniskerry, Co Wicklow with average property values of €619,000. In Munster, Kinsale, Co Cork is the most expensive location with average prices of €383,000. In Connacht-Ulster, Kinvara, Co Galway claimed the top spot at €332,000. 

The report notes that in each case these were the most expensive markets in their region by some distance.

Wealth Report-2019 H2-Landscape 05 Source: Daft.ie

Lyons says the concentration of the most expensive markets has remained in Dublin because those areas have far fewer smaller properties than some other markets, especially those in Dublin 4 and 6.

“As the country heads into the 2020s, and homes continue to get built, it remains to be seen how the increase in the number of properties compares with the change in average values. From society’s perspective at least, more is merrier,” said Lyons. 

Note: Journal Media Ltd has shareholders in common with Daft.ie publisher Distilled Media Group.

About the author:

Adam Daly

Read next:

COMMENTS (20)

This is YOUR comments community. Stay civil, stay constructive, stay on topic. Please familiarise yourself with our comments policy here before taking part.
write a comment

    Leave a commentcancel