There are now only two markets in the country where average property values remain below €100,000 — Bundoran, Co Donegal (€91,000) and Castlereagh, Co Roscommon (€96,000) — according to the latest report from Daft.ie.
The report lists the value of all residential property in Ireland at over €536 billion, up from €518 billion a year ago. This represents a daily increase of €50 million.
House prices are growing by 3.5 per cent year-on-year and in 2020 638 properties were sold so far this year for €1 million or more.
By location, the most expensive markets are all in Dublin. The average asking price in Mount Merrion is now €820,000, followed by Dalkey €765,000, and Sandycove €746,000. By comparison, the average asking price nationwide is €264,000.
Average property values
Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of €625,000. In the other provinces, that distinction falls to Kinsale in Munster (€364,000) and Kinvara in Connacht-Ulster (€300,000), again in each case the most expensive market in their region by some distance.
The cheapest market in the country is now Bundoran in Co Donegal, with the average property value at just €91,000, it is one of only two markets in the country where property values are below €100,000 along with Castlereagh, Co Roscommon, where the average property value stands at €96,000.
Commenting on the findings, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said: “Overall housing wealth in Ireland is up about 3.5 per cent on a year ago — at €536.4 billion, up almost €18 billion on the figure in the 2019 H2 report.
“That increase of almost €50 million per day was driven not by the completion of €6 billion of new homes, which was affected by the pandemic, but instead by higher values of existing homes. If you had surveyed 100 economists at the start of the year, when there was only the first inklings of the potential impact of Covid-19, I doubt whether any – in all honesty – would have predicted that such an economic shock would have caused property prices to rise, not fall, but yet that is what happened.”
Raychel O’Connell, communications manager of Daft.ie said: “Dublin continues to be the area where most million-euro plus properties and property millionaires are in Ireland. For the first time a street on the north side of Dublin is now among the country’s top five most expensive streets. Thormanby Road, Howth is now the second most expensive street in Ireland.”