15 property millionaires created every week

Almost 15 new property millionaires were created every week in Ireland last year as the average value of a house surged almost €100,000 in five years, a new report shows.

The second Daft.ie housing wealth report shows the average residential property was worth almost €250,000 in the first quarter of 2018, up from a low of €165,000 in early 2013, with the total value of Ireland’s residential dwellings increasing by just over 7% year-on-year to an estimated €420bn.

That figure is twice the combined market capitalisation of the 50 or so firms listed on the Irish stock exchange and €120bn more than Irish GDP last year.