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Dublin houses are now worth almost as much as rest of the houses in the country.

Dublin houses are now worth almost as much as rest of the houses in the country.

Dublin houses are now worth almost as much as rest of the houses in the country.

DUBLIN'S homes are now worth almost the same as all of those in the rest of the country together.

Despite accounting for little more than a quarter of private households overall at 28pc, residential property is now worth €156bn - almost half the total €326bn total value of all Irish homes combined.

Two years of fast-rising property prices in the capital contrast sharply with more sluggish market growth in many of the regions.

The Dublin figure of €155.9bn compares with €170.2bn for all homes elsewhere in Ireland, according to calculations by the Real Estate Alliance network (REA).

The figures present food for thought for those living in the capital who are likely to almost shoulder almost half of the total national property tax take nationwide, despite having just 28pc of the properties.

And growing demand combined with a lack of housing stock in the capital means that the gap is expected to get wider.

Dublin property prices are moving rapidly ahead relative to those elsewhere in Ireland.

The combined values of the 466,992 saleable properties in Dublin increased their percentage value share relative to those in the rest of the country by 2pc since the start of the year.

That represents a value gap that is opening up at a rate of 4pc per annum.

The comparisons were reached by the REA, utilising Central Statistics Office (CSO) figures for the country's average house price statistics, using three-bed homes in each county as a guide.

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The survey of the total value of housing stock per county conducted for the Irish Independent shows that the highest total worth of homes in Ireland is to found in the Dublin City Council area, which includes Dublin 4 and Dublin 6. The total value stands at €72bn which is almost double the next most valuable location.

The property crash wiped out €1bn alone on two streets in Dublin 4 - Ailesbury and Shrewsbury Roads, from 2006 to 2011, the lowest point for values.

Dublin City is followed by Cork with €33bn and then closely by South Dublin with €32bn worth of homes.

Dun Laoghaire-Rathdown totalled €30bn and the Fingal total was €22bn. Galway was next at €18bn followed by Kildare at €16bn and Wicklow at €12bn.

At the other end of the scale, just two counties did not see the sum total of all properties lift above the €1bn mark.

The total value of all properties in Longford was €578m with just 14,453 households to total - and Leitrim was next lowest at €861m for 12,308 households.

REA CEO Philip Farrell said that the figures were an indication of the continued rise of Dublin at the head of a three-tier property market.

"There are obvious implications on a property tax basis for Dublin householders," he said.

"These figures show the capital's share of the nation's property value rising by 2pc over a period of six months to the end of June.

"This figure will increase faster than the rest of the country in the short term, due to the lack of supply in Dublin."

Previous Real Estate Alliance index results showed that the price of an average three-bed semi in towns and cities had risen by 11.12pc to €170,074 since the start of the year.

In Dublin city, the average three-bed cost €348,333, an increase of 11.76pc on the start-of-year figure of €311,667.

The REA index concentrates on Ireland's typical stock home, the three-bed semi, giving a picture of the property market in towns and cities countrywide.


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