The average property nationwide in Ireland was worth €230,000 in the first quarter of 2017, according to the latest wealth report by Daft.ie.
The report finds that over two thirds of Irish households own the home they live in and the majority of these dwellings have six-figure valuations.
South County Dublin is the most expensive market in the country, with an average property value of almost €550,000. Dublin 6, Dublin 4 and Dublin 6W also have average property values over half a million euro, while Dublin 14 rounds out the top five.
The cheapest five markets in the country are concentrated in the North-West - in Longford, the average property value is €117,000, while in Leitrim, Sligo, Roscommon and Mayo, property values are also €140,000 or less.
Previously less fashionable parts of Dublin – in particular Dublin 10 and Dublin 1 – have seen their rank rise, according to the report. Dublin 10 was the 4th cheapest part of the country five short years ago but has risen 16 places and is now the 35th most expensive market. Similarly, Dublin 1 has gone from 33rd most expensive market to 22nd.
Counties Kilkenny, Wexford and Westmeath have all risen by seven places in the last five years and are now ranked the 30th, 34th and 38th most expensive markets in the country respectively.
Dublin 17 fell 11 places to 28th while a number of counties in rural Munster also saw falls. Kerry, Limerick county and Tipperary all fell 10 places (to 39th, 42nd and 46th), while Waterford county also fell, from 27th to 33rd.
The most expensive market in the country is Sandycove, where the average property value is almost €790,000. In Foxrock and in Mount Merrion, property values are also €750,000 or higher. The most expensive markets outside Ireland’s main cities are Enniskerry in Leinster (€495,000), Kinsale in Munster (€309,000) and Kinvara in Connacht-Ulster (€257,000).
The cheapest market in the country is Ballaghaderreen in Roscommon, where the average property value is just €58,000.
The Property Price Register gives the prices achieved by specific properties and suggests that as many as 1% of all properties in Ireland are worth €1m. With over 800 transactions of €1m or more since the start of 2016, that translates to 12 million-euro transactions each week.
Looking at residential transactions of €3m or more over the last 18 months, there are five streets that have a number of homes sell for such amounts. Both Shrewsbury Road and Ailesbury Road have had three homes sell for at least €3m in the last 18 months. So too has leafy Temple Gardens, just off Palmerston Road in Dublin, while Westminster Road in Foxrock sneaks in in fifth.
Ireland’s most expensive street in 2017 goes to Herbert Park in Ballsbridge, which has seen no fewer than five properties change hands for €3m or more in the last 18 months.
Commenting on the report, Ronan Clancy of Daft.ie said, "All told, Ireland’s 1.7m occupied homes are worth almost €400bn. This is not just an interesting piece of trivia for the pub – it also suggests that a local property tax of 0.18% of the value of all homes should be bringing in €700m a year. As this report confirms, real estate is the single biggest chunk of our country’s wealth."
Source: www.businessworld.ie
