House prices increased by 3.5% in a year – Daft report
House prices have increased by 3.5% in the last year, according to a report by the property website Daft.ie.
So far this year more than 630 properties were sold that were worth €1m or more.
More money is being spent on homes with Daft.ie assessing the value of all residential property in Ireland now stands at over €536 billion, that is a jump of 18bn since last year.
The average asking price nationwide is €264k while the most expensive location to buy a home is still in Dublin, followed by Enniskerry in Co Wicklow.
The survey suggests that the most expensive street is Temple Gardens in Rathmines where three properties sold for more than €2m.
While the average asking price in Mount Merrion is now €820k, followed by Dalkey €765k, and Sandycove €746k.
House prices in Kinsale, Co Cork are €364,000 and Kinvara, Co Galway is €300,000, again in each case the most expensive market in their region by some distance.
There are now only two areas in the country where average property values remain below €100,000.
Bundoran in Donegal, where the average house price is valued at €91k and Castlereagh in Roscommon with a slightly higher price of €96k.
Author of the Daft.ie Wealth Report Ronan Lyons said: “Overall housing wealth in Ireland is up about 3.5% on a year ago at €536.4bn, up almost €18bn on the figure in the 2019H2 report.
“That increase of almost €50m per day was driven not by the completion of €6bn of new homes, which was affected by the pandemic, but instead by higher values of existing homes.”
Mr Lyons added: “If you had surveyed 100 economists at the start of the year, when there was only the first inklings of the potential impact of Covid-19, I doubt whether any in all honesty would have predicted that such an economic shock would have caused property prices to rise, not fall, but yet that is what happened.”