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Irish property market registers optimistic results
30 May
Home prices in Ireland are increasing by 5.9% year-on-year, and approximately 11 properties of over €1m are being sold per week, according to a report by Daft.ie.

As the World Property Journal reports, Dalkey boasts the highest concentration (936) of property millionaires, while Foxrock follows with 540 and Mount Merrion with 230.

The costliest of markets are all found in Dublin. Mount Merrion’s average asking price is €850k, while Foxrock follows with €834k and Sandycove with €752k. Nationwide, the average asking price is €261k.

Outside of Dublin, the most expensive market was revealed to be Enniskerry in Co. Wicklow with average property values of €638k – while the cheapest market across all of Ireland is Ballaghaderreen in Roscommon, where the average property value stands at €97,000.

"Ireland's two million homes are worth over €500bn. This marks an increase of just over €30bn in a year. While the bulk of that comes from changes in property values, a growing share of the change in Ireland's property wealth is coming from new construction. On average last year, Ireland's stock of homes grew in value by €84m per day - with €15m of that coming from new construction,” said Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report.

Raychel O'Connell of Daft.ie said: "Dublin continues to be the area where most million-euro plus properties and property millionaires are in Ireland. However, the most expensive residential sale so far this year was Kilfinnan Castle, Glandore, Co. Cork which sold in February for €5,732,000."

The combined total residential property value in Ireland is worth almost €510 billion, marking an increase from the €479 billion recorded last year.

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