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Residential property values rise by €84m per day – report

The value of residential property in Ireland rose by more than €84 million every day over the past year, according to new data.

In total, the value of homes here is now €510 billion, an increase of €31bn or 6% on a year earlier, the report 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,” said the author of the study Ronan Lyons, an economist at Trinity College Dublin.

“On average last year, Ireland’s stock of homes grew in value by €84m per day with €15m of that coming from new construction.”

The figures are contained in a Wealth Report produced by property website, Daft.ie, which analyses 54 different markets around the country, including 25 different parts of Dublin, the four other cities and the 25 other counties over the past six months.

Not surprisingly the most expensive markets are in Dublin, with properties in Dublin 6 costing an average of €635,950 and in south county Dublin, €608,549, the report finds.

Mount Merrion in south Dublin tops the list of the most expensive of 389 micro markets in the country analysed by the report, with an average asking price of at €854,000.

This is followed by Dalkey where a house will cost the buyer €842,000 on average, the data shows.

Enniskerry in Co Wicklow was the most expensive town or region outside of the capital, with average values reaching €638,000 and Wicklow was the most expensive county or city.

Kinvara in Co Galway was the most expensive town or region in Connacht-Ulster where a property cost €326,000 on average, while Kinsale in Co Cork topped the list in Munster, with prices there averaging €395,000.

This compares to €261,000 on average nationwide and €97,000 in Ballaghaderreen, Co Roscommon which had the cheapest average sale prices.

The cheapest five markets in the country remain concentrated in the north-west and in all five, property values are on average below €150,000.

These range from Leitrim, where property is €137,000 on average, to Donegal, where it is €146,000, the report says.

Eleven properties a week worth over €1m were sold over the last year, creating even more property millionaires.

The area with the largest number of homes that have sold for more than €1m is Dalkey, where 936 properties have changed hands for this amount or more, the report claims.

Dublin 10 was the area where house prices have risen the most over the past decade, climbing from 40th on the list in 2009 to 30th this year.

The most expensive street in the 2019 list is Coliemore in Dalkey, where four properties have changed hands for at least €2m in recent months, with an average price point of €5.5m.

Away from Dublin, Scilly Hill in Kinsale is the most expensive street, with an average house sale price of €2.5m.

The most expensive residential property to hit the market so far in 2019 was Seafield House in Donabate, with a price tag of €10m.

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