Milltown millionaires make quiet street the most costly

by Sylvia Pownall

Ireland’s most expensive street is now Temple Road near Milltown in south Dublin, according to the latest property wealth report.

The salubrious postcode had three properties which traded for several million euro in 2019 – with an average price tag of €5.5 million.

By location, the most expensive markets are all in Dublin, according to the report published by property website, which shows prices continuing to rise.

The average asking price in Mount Merrion is now €777,000, followed by Dalkey with a mean of €743,000, and Sandycove with an average cost of €740,000.

By comparison, the average asking price nationwide is €257,000, and Roscommon is still the only county where average property prices remain less than €100,000.

The report shows that 11 streets had two or more homes sold for €2 million euro or higher in 2019 so far – all of them in the capital.

Four of those streets are in Dublin 6, which encompasses the upmarket suburbs of Harold’s Cross, Milltown, Ranelagh, Rathgar, Rathmines and Terenure.

The highest concentration of property millionaires is in Dublin’s Dalkey, with 276, followed by Ranelagh (252) and Ballsbridge (235).

Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of €619,000.

In Munster, Kinsale is the most expensive (€383,000), and Kinvara in Connacht-Ulster (€317,000) is the costliest market in its region.

The value of all residential property in Ireland has increased at a rate of €15 million euro a day since last year.

The current total stands at over €519 billion – up from €514 billion a year ago.

House prices are growing by 1% year-on-year, and 715 properties have been sold so far this year that are worth one million euro or more.

Economist Ronan Lyons, author of the report, said: “In the past 12 months, Ireland’s housing wealth has increased by just 1%, or €5.3 billion.

“Almost all of this increase – just over €5.1 billion – has come from newly-built homes adding to the stock of housing.

“The much more modest increase in the average value of all homes – €1.1 billion – is almost entirely offset by losses due to depreciation and obsolescence, some €0.9 billion.”

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