An average of 17 properties worth €1m or more are now sold each week in Ireland, according to Daft.ie's latest Wealth Report.

The analysis by the property website on the country's premium market for the second half of this year found that the number of homeowners whose property is worth €1m or more – making them “property millionaires” – has surpassed 5,000

The value of all residential property now stands at €450bn, a rise of €30bn since June, and represents a daily increase of €150m, the report found.

The most expensive markets are all in Dublin, where the average asking price in Foxrock is now €872,000, followed by Mount Merrion at €863,000, Dalkey €825,000 and Sandycove €818,000.

By comparison, the average asking price nationwide is €257,000.

The highest concentration of property millionaires are also found in Foxrock (1,452), followed by Dalkey (649) and Blackrock (576).

Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of €639,000, followed by Delgany, €490,000 and Greystones, €437,000.

In Munster, Kinsale is the most expensive location (€384,000) with Crosshaven (€294,000) and Bandon (€293,000) completing the top three.

In Connacht-Ulster, Kinvara (€332,000), Oughterard (€239,000) and Westport (€234,000) occupy the top slots.

In comparison, the two least expensive markets are in Roscommon and Donegal, with the average asking price in Ballaghaderreen (Roscommon) at €95,000,

Bundoran in Co Donegal is next at €103,000 with Ballymote/Tubbercurry, €106,000, Castlereagh, €110,000, and Belturbet, €116,000 rounding off the five least expensive.

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the report, said: "Unsurprisingly, the country’s housing wealth is concentrated in cities. Urban Dublin makes up less than 1% of the land mass of the country but is home to over 40% of its housing wealth.

"The other four cities bring the urban share to roughly half. This is perfectly normal and indeed probably less stark than other countries, where greater populations drive even greater land values in the most desirable locations.

"Changes in housing wealth can tell us about important changes underway in the economy.

Donegal now has two of the cheapest ten markets in the country, with the Lifford/Raphoe area joining Bundoran in that list. This tallies with other evidence that Brexit-related uncertainty has taken its toll on the northern market.

Martin Clancy of Daft.ie said: “Dublin remains the epicentre of the million-euro plus property market in Ireland.

"Dalkey has seen the single most expensive sale of 2018 so far with a home their changing hands for €7.8m in May," he said.