Value of Irish residential property now €536bn

The value of all residential property in Ireland now stands at over €536 billion, up from €518 billion a year ago, according to the latest Daft.ie Wealth Report. This represents a daily increase of €50m.

House prices are growing by 3.5% year-on-year and, in 2020, 638 properties were sold so far this year that are worth €1m or more. 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.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 - the other being Castlereagh, Roscommon, at €96,000.

Cavan is ranked 49th out of 54 locations nationwide when it comes to the average asking price of residential property, which is now €153,117 in the Breffni county. Leitrim was at the bottom of the table with an average of €127,947.

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.

The highest concentration of property millionaires is in Dalkey with 643, followed by Ranelagh (305) and Ballsbridge (235).

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.”