The number of homeowners in Ireland whose property is worth €1million or more has surpassed 4,500, according to a survey published Sunday.
The total number of so-called “property millionaires” now stands at 4,583, a 20 per cent increase since this time last year, the 2018 Daft.ie wealth report says.
With house prices growing by 7.3 per cent year-on-year, it says there are now on average 15 properties sold every week that are worth €1m or more.
At the very top end of the market there were 266 transactions of at least €1m since January of this year, which equates to1.64 per cent of the total market.
This is slightly up on last year when transactions of €1m or more accounted for 1.62 per cent of the market. In 2016, the proportion was 1.34 per cent.
The highest concentration of property millionaires is in Dalkey (609), followed by Blackrock (576) and Rathgar (551).
The report uses census information and the Daft.ie listings archive to make its calculations, noting “other exceptional properties scattered around the country are not included”.
By location, the most expensive markets are all in Dublin. The average asking price in Sandycove is now €910,000, followed by Mount Merrion (€821,000), Foxrock (€818,000) and Dalkey (€758,000). The average asking price nationwide is €247,000.
Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of €648,000, followed by Delgany (€466,000) and Greystones (€414,000). In Munster, Kinsale is the most expensive location (€369,000) with Cork commuter towns averaging €359,000 and Rochestown (€328,000) completing the top three.
In Connacht-Ulster, Salthill (€345,000), Kinvara (€318,000) and Rahoon (€307,000) occupy the top slots.
The two least expensive markets are in Cos Roscommon and Donegal, with the average asking price in Ballaghaderreen €89,000 and in Bundoran €90,000.
Ronan Lyons, economist and author of the report said: “The latest figures show strong growth in the number of property millionaires - those whose home is worth a million or more - in the Dublin area. This is good news for those homeowners, obviously. But it also tells us about how our economy is changing.
“Housing wealth is accelerating fastest in a number of markets in the greater Dublin area, both central, such as Dublin 1 and Dublin 10, and further out, like Westmeath and Louth. This highlights that access to employment, and other urban amenities, is still front and centre for those looking for a home.”
In terms of overall value, based on the 1.7m occupied dwellings in Ireland, the combined total residential property value in the country is worth just over €420 billion.
Top 10 most expensive streets:
1. Eglington Road, Donnybrook, Dublin 4
2. Torquay Road, Foxrock, Co Dublin
3. Wellington Road, Ballsbridge, Dublin 4
4. Edward Square, Donnybrook, Dublin 4
5. Shewsbury Road, Donnybrook, Dublin 4
6. Park Avenue, Sandymount, Dublin 4
7. Harbour Road, Dalkey, Co Dublin
8. Highfield Road, Rathgar, Dublin 6
9. Fitzwilliam Square, Dublin 2
10. Castleknock Road, Dublin 15
