Belfast Telegraph

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

Roscommon is still the only market in the country where average property values remain below 100,000 euro.

The most expensive markets are all in Dublin (Brian Lawless/PA)
The most expensive markets are all in Dublin (Brian Lawless/PA)

By Aoife Moore, PA

The value of all residential property in Ireland has increased at a rate of 15m euro a day since last year.

The current total stands at over 519 billion euro, up from 514 billion a year ago.

The Daft.ie wealth report published on Saturday shows Ireland’s residential property prices are continuing to rise.

House prices are growing by 1% year-on-year and 715 properties have been sold so far this year that are worth 1m euro or more.

Eleven streets had two or more homes sold for 2m euro or higher in 2019 so far.

Four of those streets are in Dublin 6, which contains the upmarket areas of Harold’s Cross, Milltown, Ranelagh, Rathgar, Rathmines and Terenure.

Ireland’s most expensive street is now Temple Road, near Milltown in Dublin, which had three properties trade for more than 2m euro with an average price tag of 5.5m euro.

By location, the most expensive markets are all in Dublin.

The average asking price in Mount Merrion is now 777,000 euro, followed by Dalkey with 743,000 euro, and Sandycove with 740,000 euro.

By comparison, the average asking price nationwide is 257,000 euro.

Roscommon is still the only market in the country where average property values remain below 100,000 euro.

The cheapest market in the country remains Ballaghaderreen in Roscommon, with the average property value at just 96,000 euro.

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

Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of 619,000 euro.

In the other provinces, that distinction falls to Kinsale in Munster (383,000 euro) and Kinvara in Connacht-Ulster (317,000 euro), in each case the most expensive market in their region by some distance.

Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said: “In the last 12 months, Ireland’s housing wealth has increased by just 1%, or 5.3bn euro.

“Almost all of this increase – just over 5.1bn – has come from newly built homes adding to the stock of housing.

“The much more modest increase in the average value of all homes – 1.1bn – is almost entirely offset by losses due to depreciation and obsolescence (€0.9bn).”

PA

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