Eleven houses worth €1million or more are being sold each week in Ireland, a report reveals today.
It also found the overall value of homes across the country increases by €84million every day.
There were 2,582 property millionaires in the first three months of this year, the latest report from Daft.ie shows.
This comes as the value of all residential dwellings across the country has risen by 6.4% in the past year to €509billion – an increase of €30billion in just one year.
While the bulk of this total is a result of changes in property values, a growing share of the rise in property wealth is coming from new-build homes.
The most expensive road in the country is currently Coliemore in Dalkey where four homes have changed hands for at least €2million in recent months.
Bungalows on this row have gone for an average of €1,334,000.
Other property millionaires are buying up houses along South Dublin’s Palmerston Road and Park Avenue, with 12 homes along the two streets changing hands for at least €2million each in recent months.
However, a €10million home in Donabate, North Co Dublin, was the most expensive home that was new to the property market in 2019.
The most expensive market is Mount Merrion where the average property value is over €850,000.
Next is Dalkey with an average of €842,000 per house. Foxrock in South Dublin comes in third with €834,000.
Outside Dublin, Enniskerry, Co Wicklow, was the most expensive market where the average house has been going for €638,000.
Kinsale came in next at €395,000.
The cheapest five markets remain in the North-West and in all five, property values are on average below €150,000.
These range from Leitrim, where property is €137,000 on average, to Donegal where it is €146,000.
Daft.ie spokeswoman Raychel O’Connell explained that, while the number of new properties entering the market is rising, they are not necessarily affordable to the average home buyer.
She told the Irish Sunday Mirror: “New homes are being built which is a positive. Supply is coming into the market but the value is going up as well. The housing being built is not of the affordable type.”
