A reported 715 properties worth €1m or more have been sold in Ireland so far this year, according to the latest Wealth Report from Daft.ie.

The report, which analysed trends in the property market, found that the number of homeowners in Ireland whose property is worth €1m or more currently stands at 1,463. The highest concentration of property millionaires is in Dublin’s Dalkey with 276, followed by Ranelagh (252) and Ballsbridge (235).

Researchers found the value of all residential property in Ireland now stands at over €519bn, up from €514bn a year ago, representing a daily increase of €15m.

The report notes that almost all of this increase – just over €5.1bn – has come from newly built homes adding to the stock of housing.

“While Ireland’s homeowners may disagree, adding extra housing wealth through building more homes – rather than pushing up the value of existing homes – is the healthier way of doing so, at least in a country where there is strong demand for accommodation,” said Ronan Lyons, an economist at Trinity College Dublin and author of the Daft.ie Wealth Report. 

“There is, of course, a link between the two: the more new homes are built, the less likely it is that the value of existing homes will soar.”