According to a new report by Daft.ie, Ireland home prices are currently growing by 5.9% year-on-year and in 2019 there are on average 11 properties sold nationwide every week that are worth €1m or more.

The highest concentration of property millionaires is in Dalkey with 936, followed by Foxrock (540) and Mount Merrion (230).

By location, the most expensive markets are all in Dublin. The average asking price in Mount Merrion is now €850,000, followed by Foxrock €834,000, and Sandycove €752,000. By comparison, the average asking price nationwide is €261,000.

Outside of Dublin, Enniskerry in Co. Wicklow is the most expensive market with average property values of €638,000. The cheapest market in the country remains Ballaghaderreen in Roscommon, where with the average property value at just €97,000, it remains the only market in the country where average property values are below €100,000.

Commenting on the findings, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said: “Ireland's two million homes are worth over €500bn. This marks an increase of just over €30bn in a year. While the bulk of that comes from changes in property values, a growing share of the change in Ireland's property wealth is coming from new construction. On average last year, Ireland's stock of homes grew in value by €84m per day - with €15m of that coming from new construction.”