According to the 2018 Daft.ie Wealth Report, the number of homeowners in Ireland whose property is worth €1m or more - making them "property millionaires" - has surpassed 4,500.
The total number of property millionaires now stands at 4,583, a change of 762 or 20% since this time last year.Key Market Highlights:
- Value of residential property in Ireland now stands at €420 billion, an increase of 7.3% from 2017.
- Sandycove in Dublin is the most expensive market in the country, with average property values of €910k.
- Ireland's most expensive street in 2018 is Eglinton Road in Donnybrook, which has seen no fewer than five properties change hands for €3.5m or more in the last 18 months
With house prices growing by 7.3% year-on-year, 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.
In comparison the two least expensive markets are in Roscommon and Donegal, with the average asking price in Ballaghaderreen (Roscommon) some €821k cheaper than Sandycove at €89k, Bundoran (Donegal) is next at €90k with Ballymote/Tubbercurry (Sligo) (€97k), Castlereagh (Roscommon) (€107k) and Ballyhaunis (Mayo) (€109k) rounding off the five least expensive.
Commenting on the figures, 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."
Martin Clancy from Daft.ie said: "Dublin continues to be the epicentre of the million-euro plus property market in Ireland. Sandymount has seen the single most expensive sale of 2018 so far with a home their changing hands for €4.5m in late April. Outside Dublin, Enniskerry remains the most expensive market to buy a property in, with average house prices now nearly €650k."
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).