Irish property portal Daft.ie is reporting this week that Ireland home prices are growing by 3.5% year-on-year and in 2020.
By location, the most expensive markets are all in Dublin. The average asking price in Mount Merrion is now €820k, followed by Dalkey €765k, and Sandycove €746k. By comparison, the average asking price nationwide is €264k.
There have been 638 properties sold so far this year in Ireland that are worth €1m or more.
Outside of Dublin, Enniskerry in Co. Wicklow is the most expensive market with average property values of €625k, 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 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.
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% on a year ago - at €536.4bn, up almost €18bn on the figure in the 2019H2 report. That increase of almost €50m per day was driven not by the completion of €6bn 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 also commented, "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 northside of Dublin is now among the country's top 5 most expensive streets. Thormanby Road, Howth is now the second most expensive street in Ireland."
Ireland housing market highlights include:
The value of all residential property in Ireland now stands at over €536 billion, up from €518 billion a year ago. This represents a daily increase of €50m.
638 transactions of €1m or higher for individual properties were made in 2020, so far.
Ireland's most expensive street is Temple Gardens, which had three properties trade for more than €2m, with an average price tag of €3.1m
There are now only 2 markets in the country where average property values remain below €100,000 (Bundoran, Donegal - €91k and Castlereagh, Roscommon €96k).
The highest concentration of property millionaires is in Dalkey with 643, followed by Ranelagh (305) and Ballsbridge (235).