By Noel Baker
There are more than 3,800 property millionaires around the country, according to a new daft.ie wealth report.
The report, which analyses trends in the premium property market, also found that south Co Dublin is the most expensive market in the country, and the priciest house sold so far this year was on Shrewsbury Road in the capital. It cost a cool €8.4m.
The average property value in the most expensive market in the country, Sandycove in Dublin, is almost €790,000.
It is a little ahead of nearby Foxrock and Mount Merrion, where property values are also €750,000 or higher. Dublin dominates the list, with parts of the capital occupying the top 14 places in a ranking of the country’s most expensive property markets.
Wicklow is in 15th position but after that it’s Galway City, in 20th position and with an average property price of €265,238, before another non-Dublin area appears on the list.
Cork City is ranked 23rd, with an average house price of €257,005. Its position has slipped five places compared to the last such report.
Kilkenny is in 30th position, up seven places, just head of Co Cork in 31st, down three places compared with its previous ranking. A property there costs on average €196,175.
The area with the cheapest average property price is Longford, at €116,843 and according to the report, the most expensive markets outside Ireland’s main cities are Enniskerry in Leinster (€495,000), Kinsale in Munster (€309,000) and Kinvara in Connacht.
The top five towns and regions, based on average property price, are all within a few bus or Dart stops of each other.
Sandycove takes top spot ahead of Foxrock, Mount Merrion, Dalkey — which has the highest number of residential property millionaires, at 629 — and then Sandymount.
The top five in Munster ares Cork City, then Cork County, followed by Co Waterford (€194,000), Limerick City (€174,000), and Kerry (€171,000).
The top five towns and regions in the province are Kinsale, Bandon (surrounds) (€258,000), Durrus/Mizen Head (€242,000), Crosshaven (€240,000), and Rosscarbery/Baltimore (€230,000).
As for city areas outside Dublin, the top five is made up of Cork commuter towns (€304,000 on average), Rochestown (€297,000), Blackrock in Cork (€284,000), Bishopstown/ Wilton (€269,000) and Salthill in Galway (€265,000).
Trinity College Dublin economist Ronan Lyons said it was estimated that there are more than 3,800 property millionaires, adding: “The Property Price Register gives the prices achieved by specific properties and suggests that up to 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 €1m transactions each week.”
Using the Property Price Register the report also identifies Ireland’s most expensive streets, headed by Herbert Park in Ballsbridge, which had five properties change hands for €3m or more in the last 18 months.
The most expensive property sold in 2017 was an eight-bedroom house at Fintragh on Shrewsbury Road, bought for €8.4m.
This story first appeared in today's Irish Examiner.