Waterford county is one of the most expensive markets to buy a house in Munster
"If I were a rich man..." So goes the famous song in Fiddler on the Roof. For most of us, owning a home is the closest we'll get to being as rich as Tevye imagined, with three staircases - one going up, one even longer coming down and one more leading nowhere, just for show.
House prices are growing by 5.9% year-on-year and in 2019 there are on average 11 properties sold nationwide every week that are worth €1m or more.
The highest concentration of property millionaires is in Dalkey with 936, followed by Foxrock (540) and Mount Merrion (230).
By location, the most expensive markets are all in Dublin. The average asking price in Mount Merrion is now €850k, followed by Foxrock (€834,000) and Sandycove (€752,000). By comparison, the average asking price nationwide is €261,000.
The most expensive markets in Munster are Cork city (€283,000), Waterford county (€227,000), Cork county (€227,000), Limerick city (€201,000) and Kerry (€198,000).
Outside of Dublin, Enniskerry in County Wicklow is the most expensive market with average property values of €638,000. In the other provinces, that distinction falls to Kinsale in Munster (€395,000) and Kinvara in Connacht-Ulster (€326,000), again in each case the most expensive market in their region by some distance. The cheapest market in the country remains Ballaghaderreen in Roscommon, where with the average property value at just €97,000 - it remains the only market in the country where property values are below €100,000.
The most expensive streets outside Dublin are Scilly Hill, Scilly, Kinsale (€2,550,000); Glounagillagh, Caragh Lake, Killorglin (€2,178,000); Cuan Ban, Colla Rd, Schull (€2,100,000); Hill Crest Manor, Newport, Tipperary (€2,043,000); Athgarvan House, Newbridge, Kildare (€2,000,000); and Rooska, Ardbrack, Kinsale (€2,000,000).
Commenting on the findings, Trinity College Dublin economist and Daft.ie Wealth Report author Ronan Lyons said: "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."
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, County Cork, which sold in February for €5,732,000."
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 under €510 billion (€509,545,818,902). That is up from €479 billion a year ago or €84 million per day.