Eleven homes worth €1m or more are sold in Republic every week, report finds

Eleven homes worth €1 million or more are sold in the Republic every week, research by a property website company says.

Daft.ie’s Wealth Report for the first half of this year, which tracks property market trends, estimates that the total value of all homes in the Republic has grown €30 billion to €509 billion over the past 12 months.

The report also states that on average “11 properties worth €1 million or more are now sold every week” in the Republic. That is from a total stock of 1.7 million occupied dwellings.

In the report, Ronan Lyons, assistant economics professor at Trinity College Dublin, says there were 2,582 property millionaires, that is people who own property worth €1 million or more, in the Republic in the first three months of this year.

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Dublin 6, the postal district in the capital that includes neighbourhoods such as Darty, Ranelagh and Rathmines, was the most expensive place to buy a home, with an average price of €635,000.

Leitrim was the cheapest place to buy a home as properties there sell for an average of €137,000. The county is one of six markets where dwellings sell for less than €150,000.

All those cheapest markets are in the northwest, and include Donegal, where the average price is €146,000.

Expensive districts

South Co Dublin is the second most expensive place to buy a residence, with an average price of €610,000.

Mr Lyons noted that there were three other Dublin districts where the average home will set you back more than €500,000.

They were Dublin 6W, which includes Terenure, Dublin 14 which includes Dundrum and Dublin 4, which encompasses Ballsbridge and expensive neighbourhoods such as Ailesbury Road. All are on the city's southside.

The report's calculation of where the Republic's property millionaires live reflect this. Dalkey, in south country Dublin boasts the highest number at 936, Foxrock has 540, Ranelagh 252, Mount Merrion, in Dublin 4 has 230 and Sandymount, also in Dublin 4, has 171.

Outside Dublin, the most expensive market is Enniskerry, Co Wicklow, where buyers pay an average of €638,000 for a home.

Next on this list is Kinsale in Co Cork, popular with ex-pats, where houses have an average price tag of €395,000.

Mr Lyons notes that price increases were responsible for much of the 6 per cent growth in the total value of the Republic’s homes to €509 billion, but he says a growing share is coming from new building.

“On average last year, Ireland’s stock of homes grew in value by €84 million a day, with €15 million of that coming from new construction,” he says.