Daft.ie report; 3.5% increase in House prices

According to the report by the property website Daft.ie, House prices have increased by 3.5% in the last year.

More than 630 properties were sold this year till now that were worth €1m or more. 

Huge amount of 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 the previous year.

The average 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 points out 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.

€364,000 is the house prices in Kinsale, Co Cork, 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 a couple of 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. 

“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, author of the Daft.ie Wealth Report Ronan Lyons said.

“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.” he said

Mr Lyons also added that “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.”