Report: House prices fall for first time since 2013

House prices in Ireland are beginning to fall, according to the latest annual report by Daft.ie.

Trinity College lecturer and author of the report, Ronan Lyons, said the value of residential real estate is estimated to be €519 billion- an increase of 60% from 2013, when housing was worth €325 bn.

"In the last 12 months, Ireland’s housing wealth has increased by just 1%, or €5.3bn. Almost all of this increase – just over €5.1bn – has come from newly built homes adding to the stock of housing.

"The much more modest increase in the average value of all homes - €1.1bn – is almost entirely offset by losses due to depreciation and obsolescence (€0.9bn)."

The report also showed that Ireland's Local Property Tax generated €482 million in revenue in 2018.

There are currently 1.7 million dwellings occupied in Ireland, with 1,463 property millionaires.

715 properties worth €1 million or more were sold this year so far.

The most expensive listing this year was 1,000 acre Abbey Leix Estate in Laois, at €20 million.

The most expensive markets by county were:

Connacht

Top town: Kinvara- €317K

Munster

Top town: Kinsale- €383K

Leinster- excluding Dublin

Top town: Enniskerry- €619K

Dublin

Top town: Mount Merrion- €777K

The full report is available here.