Most expensive property market in Cork revealed

Most expensive property market in Cork revealed

Four out of five of the towns and regions with the most expensive property markets in Munster are located in Cork.

Four out of five of the towns and regions with the most expensive property markets in Munster are located in Cork.

According to new data in the Daft.ie Wealth report, the most expensive market by town and region in Munster is Kinsale (€364,000). It is followed by Adare/Patrickswell, Crosshaven, Blarney/Tower and Durrus/Mizen.

The report shows that nationally, house prices are growing by 3.5% year-on-year and 638 properties were sold so far this year that are worth €1m or more.

By location, the most expensive markets are all in Dublin. The cheapest market in the country is now Bundoran in Donegal, with the average property value at just €91,000.

Commenting on the findings, Ronan Lyons, economist at Trinity College Dublin and author of the Daft.ie Wealth Report, said: "Overall housing wealth in Ireland is up about 3.5% on a year ago – at €536.4bn, up almost €18bn on the figure in the 2019H2 report. That increase of almost €50m per day was driven not by the completion of €6bn of new homes, which was affected by the pandemic, but instead by higher values of existing homes... If you had surveyed 100 economists at the start of the year, when there was only the first inklings of the potential impact of Covid-19, I doubt whether any – in all honesty – would have predicted that such an economic shock would have caused property prices to rise, not fall, but yet that is what happened."

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