Spiralling cost | 

One in every 17 houses sold in Dublin this year fetched more than €1m

Dublin's price spiral has also affected surrounding counties, in particular Wicklow

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Ralph Riegel

The era of the €1m home has dawned in Dublin, with one in every 17 houses sold in the capital over the past 12 weeks ranking as millionaire properties.

A Sunday World property study has revealed a startling 30pc increase in the number of €1m-plus homes selling in Dublin over the space of just 12 months.

Nationwide, there has been a 10pc hike in the number of €1m-plus home sales - with sales firmly focused on counties in the south and east.

However, nine counties did not register a single million- euro property sale over January to March in 2021 and 2022, all focused along the Border and west.

Dublin's price spiral has also affected surrounding counties, in particular Wicklow, where seven homes have sold since January 1 for more than €1m - the most expensive, Wilford in Bray, selling for €2.95m.

Of the 750 properties sold in Dublin over January to March, a remarkable total of 44 fetched more than €1m.

The most expensive residential property sold, Dalguise on the Monkstown Road, went for €12m.

Wilton, on Shrewsbury Road in Ballsbridge, sold for €6.25m in February - underlining the road's reputation as Ireland's 'millionaire mile'.

The road is also home to Walford, Ireland's most expensive home, which was bought for €58m in 2005 at the height of the Celtic Tiger.

While the bulk of the 44 properties sold over the past three months in Dublin ranked at sums varying between €1m and €2m, others made between €3m and €4m.

That represents a 30pc hike in million-euro home sales in Dublin, with 44 sold over January to March 2022 compared with 34 over January to March 2021.

Nationally, 72 homes in 13 counties sold for €1m or more in the first quarter of the year - a 10pc hike on the 66 €1m-plus homes sold in 13 counties over the same period last year.

Analysis of the Property Service Regulatory Authority's residential price register revealed that families without major savings and dependent on the average industrial wage now face an increasingly difficult task to secure a modern property in Dublin city.

Ireland's average industrial salary is slightly more than €47,000 - with average Dublin detached home prices now equating to almost 13 years of total earnings.

The survey also highlighted how Ireland now effectively has a two-tier property market - the Greater Dublin Area and the rest of Ireland.

While 44 properties were sold in Dublin since January 1 for €1m or more, only 12 other counties registered residential property sales in excess of €1m.

Leading property developer Michael O'Flynn said he does not see the property price spiral easing any time soon.

"I see no good news in terms of property prices because input costs remain a major problem," he said.

"We simply don't have enough zoned land. Land is one of the core raw material inputs, added to rising house construction costs due to global supply chain issues."

The average Dublin property sale price has now reached €580,400, with warnings there is no sign of Ireland's supply- related price spiral easing before late 2023.

The €580,400 average sale price of a residential home in Dublin is now €80,000 more than the same figure last September, a 15pc hike in the space of just four months as Ireland's property market continues to soar.

While average home prices in Dublin climbed close to €600,000 in January, prices in other Leinster counties are now as low as one-third those of the capital.

The average residential property sold last January in Carlow for €192,500, while Laois (€234,000), Louth (€256,250), Offaly (€231,000) and Kilkenny (€276,00) also came in at a fraction of Dublin prices.

However, counties firmly within Dublin's commuter belt witnessed average property prices soaring to record highs.

In Wicklow, the average price rose to €429,000, while it rose to €352,000 in Kildare and €329,000 in Meath. Wexford ranked at €233,000.

Opposition politicians have warned that the property price data raises major questions about the Coalition's focus on regional development and creating strategic counterweights to Dublin and the east coast.

Within the Dublin market itself, houses near the coast, rail links or universities dominated price hikes. The highest prices paid for properties in Dublin were for those in areas including Monkstown, Dalkey, Killiney, Dún Laoghaire, Ballsbridge, Donnybrook, Howth, Malahide and Clontarf.

South Dublin auctioneer Robert Downey said he sees little likelihood of the market easing in the short term,.

"It is the old adage of supply and demand," he said. "There just isn't the supply of properties on the market to cater for the demand that is out there."

Mr Downey said buyers needed to be determined.

"My advice to buyers is not to quit, to keep searching and eventually you will find a property that meets your needs."

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