Friday 18 January 2019

Revealed: Ireland's most expensive markets as home values increase by €92k in five years

(Stock photo)
(Stock photo)
Wayne O'Connor

Wayne O'Connor

Average values of homes in Ireland have increased by €92,000 in five years, according to a survey of the country's residential property wealth.

It shows 17 new property millionaires are created nationwide every week as house prices continue to rise.

This growing property wealth has been acutely felt in Dublin's commuter belt and around the Wicklow mountains.

Rathmichael, a small enclave of narrow country lanes and plush gated mansions, has joined the ranks as one of the country's most expensive markets as a result. The Daft.ie Wealth report finds there are at least 200 €1m homes in the area.

Wicklow is the most expensive market outside Dublin with average property values of €639,000 in Enniskerry and €490,000 in Delgany.

The report finds the number of property millionaires has broken through the 5,000 barrier. The total number has increased by 452 (9pc) to 5,305 since June.

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Average property values nationwide now stand at €257,000, up 55pc compared to the start of 2013.

However, much of the country's property wealth is concentrated in the east.

Dublin accounts for more than 40pc of housing wealth despite making up only 1pc of Ireland's land mass. When Cork, Limerick, Galway and Waterford are taken into consideration, the county's main urban centres account for half of the country's wealth.

Ronan Lyons, author of the Daft.ie Wealth Report, said this finding leaves Ireland in a better position than other countries. But he does warn that Brexit is having an impact on certain areas.

He said that variations in housing wealth can tell us about significant changes under way in the economy.

Donegal now has two of the cheapest 10 markets in the country. This alligns with other evidence that Brexit-related unpredictability is taking its toll on the northern market.

Tipperary, Co Limerick and Kerry are other markets to have suffered somewhat in the past five years as they have been passed by other regions.

The report uses Central Statistics Office data and Daft.ie listings across 54 markets and 389 micro-markets to assess residential property values. It finds that national house values increased by €150m every day since June.

Dublin 6 represents the most expensive market in the country, with an average asking price of €616,008. Counties Donegal, Sligo, Longford, Roscommon and Leitrim represent the least expensive markets.

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Foxrock in Dublin is the most expensive market in the country with average property values of €872,000. The area accounts for the greatest concentration of property millionaires with 1,452 - almost double that of the next most concentrated area. Dalkey has 649 property millionaires, followed by Blackrock, Co Dublin, on 576.

Daft.ie's Martin Clancy said: "Dalkey has seen the single most expensive sale of 2018 so far with a home there changing hands for €7.8m in May."

In Munster, Kinsale is the most expensive location to live in with average property values at €384,000. Meanwhile, Kinvara, Co Galway is the most expensive Connacht-Ulster location at €332,000.

The sale of five properties for more than €3.5m over the past 18 months has helped make Eglington Road in Donnybrook Ireland's most expensive street.

Areas to make the biggest gains in the report are parts of Dublin that were previously out-of-favour and commuter counties.

Dublin 1, Dublin 8 and Dublin 10 have risen nine, eight and 17 places in the rankings.

Sunday Independent

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