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THE TOTAL VALUE of residential dwellings in Ireland has increased to €510 billion – up from €479 billion one year ago.
The most recent Daft.ie report shows a daily increase in value of €83 million with Mount Merrion in Dublin now the most expensive market in the country with average property values of €854,000.
Coliemore in Dalkey is Dublin’s most expensive street with no fewer than four properties changing hands for an average price of €5.5milllion. Outside Dublin, the most expensive street is Scilly Hill, Kinsale in Co Cork with an average house price sale of €2.5million.
“Ireland’s two million homes are worth over €500bn. This marks an increase of just over €30 billion in a year,” Daft economist Ronan Lyons has said.
“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.”
‘Co-living’
Ireland’s most expensive property markets are all in Dublin with average asking price in Mount Merrion now €850,000 followed by Foxrock at €834,000 and Sandycove at €752,000. By comparison, the average asking price nationwide is €261,000.
Although Dublin remains the wealthiest area for property in Ireland, the capital is in the midst of a serious housing and rental crisis, with criticism recently leveled at the prospect of co-living dwellings being built in the capital to accommodate young professionals.
Earlier this week, TheJournal.ie reported that Britain’s biggest co-living company had closed a deal for a large site in Dublin’s historic Liberties area.
In defence of co-living, Housing Minister Eoghan Murphy has said young workers should be excited about the concept, while Sinn Féin leader Mary Lou McDonald described them as a “glamourised form of tenement living”.
According to the most recent report, house prices are growing by 5.9% per year. In 2019, an average of 11 properties worth over €1 million are sold each week with over 2,500 property millionaires across Ireland.
The cheapest market in the country remains Ballaghaderreen in Roscommon which has an average property value at just €97,000. It’s the only market in the country where property values are below €100,000.
The full report can be viewed here.
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Only seemed like yesterday the values were through the floor. I emigrated during the big crash and bought property/set up shop in another country. Now I’m a happy homeowner & landlord. A fair landlord. This housing stuff in Ireland really saddens me. There will prob be a twin tier society over it. People with financial power will overpay. People without financial power will struggle so badly to live. And live in horrible conditions. Very sad. Emigrating was the hardest decision I ever made. But I’m glad I did. Previous comment is correct. Boom bust is common in some places. Usually places rich in natural resources like oil etc. But it’s not something that that suits the Irish economy. Start building high rises could be the solution here
@Ronan McDermott: well said, not convinced about high rises but you are asking the questions no one wants to answer. Fair play.
@Greedylocks: I hear you about the highrises. Ballymun didn’t work out. But on a small island you can’t always build out. Maybe time to build up. Especially in Dublin. Give people somewhere respectable to live and then you’ll see the real value of these 70s style dumps that landlords are currently renting to people at extortionate rates. The value would be sfa. I’m thinking about quality of life here. As right now it’s not very good for so so many people
@Ronan McDermott: well said.
This is an extraordinary misleading economical model. We are in a cycle of boom and bust. Eventually nobody will risk lending this country money. Vulture funds are gathering to pick the bones.
@Greedylocks: the neoliberal model can only produce boom bust cycles, where the wealthy get wealthier as money is siphoned to the top. So they can ride out the storm, unless they fail to save for the inevitable crash, and those at the bottom pay the consequences. A model based on permanent growth on a planet with finite resources, what could possibly go wrong????
@Greedylocks: the neoliberal model can only produce boom bust cycles, where the wealthy get wealthier as money is siphoned to the top. So they can ride out the storm, unless they fail to save for the inevitable crash, and those at the bottom pay the consequences. A model based on permanent growth on a planet with finite resources, what could possibly go wrong????
A model based on exploiting human vulnerabilities through advertising, and serving the market, always a volatile thing, so that the market will meet all our needs. We see the failure of it all around us and blindly elect the same parties with the same policies to do the same thing again and again as if this one time it might work…….
This has been years in the making by our FG whose primary mission has been to recapitalise the banks. The homeless crisis and the unaffordability of houses is barely a thorn in the side for them.
@Quiet Goer: Surely you mean FFG .. Media not telling the true story again at local elections as FFG lose more and more ground. The people are slowly awakening….
@Willy: sf lost the most ground
We are bubbling our way to another bust.
Note that property investment trusts are selling out now to cash in at the top of the market.
These guys know when to cash in their chips.
@William Kelly: you are correct I’m afraid we will be heading for another slump , housing prices cannot keep going up and up.
It’s only in Dublin though, most of the rest of the country are still below 2013 levels
a housing bubble inflated by the European central bank policy to give money to the banks for free. we on the other hand must pay interest on that loan and the banks make money by doing nothing.
who here knows anything about Deusch Bank?
people wanna get smart very quick to what is going on again……2007
Kensington in London, Upper East side in New York, 6th arrondissement in Paris. These Dublin prices are here to stay. It’s nothing to do with ‘neo-liberal’ policies. It’s to do with supply and demand. Why can the hard left never understand this ?
@Virgil: that’s what they said last time…..
@Gus Sheridan: even with a bust, Mt Merrion, Foxrock et al will still be the priciest housing in the country
Anyone know how many in government own second properties?
@thesaltyurchin: 15 landlords sit in the dail at any given day,but I could be wrong,FG k o Connell has 8 property’s .
Our wonderful banks must be approaching solvency so.
have your say