The average house price in Donegal in 2017 is €142,332, according to the latest wealth report.
Donegal’s property market is recorded as the fifth most expensive market in Connacht and Ulster, and the 49th most expensive in Ireland. The county has dropped five places in this national list since 2012.
These figures come from the Daft.ie Wealth Report 2017, which examines trends in the premium property market.
The report found the number of property millionaires in Ireland – nearly 4,000 Irish people are now in possession of a dwelling worth over €1million.
On average, 12 residential properties worth 1 million or more are sold every week in Ireland.
“Owning a home is, for the vast majority of us, the closest we’ll ever come to being millionaires,” says economist Ronan Lyons, the author of the report.
The average property nationwide was worth €230,000 in the first quarter of 2017.
“Granted, this was substantially less than the average home was worth ten years ago – €370,000 – but it is also 40% higher than the average home was worth just five years ago (€165,000). This report looks at property wealth around the country and how it has changed in recent years,” Lyons said.
Donegal was listed as the fifth most expensive market in Connacht and Ulster. Galway City, Co. Galway, Monaghan and Cavan are the top 4 most expensive in the region.
Throughout Ireland, Donegal ranks as the 49th most expensive market in Ireland, six from the bottom. The report considers 54 different markets: the 22 postal districts of Dublin, North, South and West Dublin, the four other cities, and then the 25 other counties.
The most expensive market in the country is Sandycove in Dublin, where the average property value is almost €790,000.
The title of Ireland’s most expensive street in 2017 goes to Herbert Park in Ballsbridge, which has seen no fewer than five properties change hands for €3m or more in the last 18 months.
The cheapest market in the country is Ballaghaderreen in Roscommon, where the average property value is just €58,000.
The report confirms that real estate is the single biggest chunk of our country’s wealth.
“All told, Ireland’s 1.7m occupied homes are worth almost €400bn. This is not just an interesting piece of trivia for the pub – it also suggests that a local property tax of 0.18% of the value of all homes should be bringing in €700m a year,” Lyons said.
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