Ireland's 4,000 new property millionaires as house prices are up 40pc in just five years
New property millionaires are being created at a rate of a dozen a week. There are now close to 4,000 homeowners in Ireland whose property is worth €1m or more.
Sandycove in Dublin is the most expensive market in the country, with average property values close to €800,000, according to a new report into housing wealth, compiled by Daft.ie.
But the priciest street in the State is now Herbert Park in Dublin's exclusive Ballsbridge area.
It has seen five properties sell for more than €3m in the past year-and-a-half, making it more expensive than both Shrewsbury and Ailesbury roads.
Ballaghaderreen in Co Roscommon comes in at the other end of the scale, with an average property value of just €58,000.
The report says the total value of the State's 1.7 million occupied homes is now €400bn.
Across the country, the average property value is now €230,000. This is a 40pc rise in the value of the average house price in just five years. The Daft.ie Wealth Report says prices have risen by 9.4pc in the past year, based on asking prices.
There are now, on average, 12 properties sold nationwide every week that are worth €1m or more.
Since the start of 2010, there were 2,686 transactions of at least €1m. This equates to just over 1pc of the total market.
The highest concentration of property millionaires is in Dalkey, the seaside resort in south Dublin.
The next-highest number of property millionaires is in Dublin's exclusive Blackrock and Foxrock areas.
The most expensive markets are all in Dublin. The average asking price in Sandycove is now €787,000, followed by Foxrock at €759,000 and Mount Merrion at €748,000.
Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market, with average values of close to €500,000.
The historic port and fishing town of Kinsale in Co Cork is the most expensive location in Munster, with average values of €309,000.
In Connacht-Ulster, Kinvara in Co Galway occupies the top slot, with average values of €257,000.
Apart from Ballaghaderreen, Strokestown in Roscommon is one of the least expensive property spots, with an average value of €59,000.
Author of the report Ronan Lyons, an economist at Trinity College Dublin, said understanding where our country's housing wealth lies is important for policymakers and that a property tax based on 0.18pc of the value of all homes should be yielding €700m for the exchequer.
However, two years ago, the Government froze the amount that homeowners pay in property tax until 2019.
"Real estate forms the biggest chunk of Irish wealth, providing a natural source of funding for public services that are tied to particular locations, such as schools," Prof Lyons said.
It was clear from the figures that housing wealth is concentrated in the urban areas. By connecting this with information on public spending, it was possible to see whether all areas are getting their fair share of public monies, he added.