All of Ireland’s most expensive streets are in Dublin, with Temple Road now taking the crown as the costliest street in the country. Near Rathgar, Milltown and Rathmines, properties on Temple Road come with an average price tag of €5.5m.
Property website Daft.ie has issued its 2019 Property Wealth Report, a study which tracks the most expensive towns, streets and regions in Ireland.
The value of all residential property is now €519bn, up from €514bn a year ago. This works out at a rise of €15m every day. This is a rise of 60% from the low-point of the market in late 2013.
At that stage, the property market was worth around €325bn.
In 2019, 715 properties have been sold for more than €1m. The most expensive markets are concentrated in Dublin.
Mount Merrion, Dalkey, Sandycove, Foxrock and Sandymount are the top five, all averaging above €700,000.
When looking at the most expensive streets in the country, Dublin 4 and Dublin 6 dominate. Eleven streets have had two or more transactions of €2m or higher for individual properties in 2019. Four of the streets are in Dublin 6.
This includes Temple Road, as well as neighbouring streets Temple Gardens, Orwell Road and Palmerston Road.
Three of the other top 10 streets are in Dublin 4: Ailesbury Road and Clyde Road, which rank second and third, and Park Avenue.
Outside Dublin, the markets vary widely. In Munster, Cork City is the most expensive in terms of cities or counties, with a mean price of €281,000.
At local level, Kinsale is most expensive at €383,000, with Adare (€313,000), Bandon (€301,000) and Crosshaven (€293,000) also among the priciest.
In Connacht, Galway City is top of the list (€297,000), with Kinvara (€317,000) the most expensive town.
Outside Dublin, Leinster is dominated by Co Wicklow. All five of the most expensive towns and regions are in Co Wicklow, with Enniskerry (€619,000) top of the list.
The most expensive listing was the €20m Abbeyleix Estate in Co Laois. The 18th-century estate was recently restored and has 1,000 acres of grounds, including walled gardens, farmland and ancient woodlands
Ronan Lyons, economist and author of the report, said Ireland is potentially missing out on huge amounts of tax revenue based on property values.
He says, in a typical high-income country, about 1% of housing wealth is tax each year.
It is typically the principal way that local services are funded. Ireland’s local property tax generated just €428m in revenue in Ireland; less than 0.1% of all housing wealth.
“In theory, the rate of property tax in Ireland is 0.18%, but this is 0.18% of its mid-2013 value, when prices were effectively at their lowest,” Mr Lyons said.
“If Ireland’s local property tax were at 1% of market value, as in many of its peers, and updated regularly, property tax would bring in €5.2bn, rather than €0.5bn. In other words, by choosing such a low rate of property tax, the Irish state, and more specifically its local authorities, are foregoing over 90% of potential revenues.”