The number of homeowners in Ireland whose property is worth €1m or more - making them "property millionaires" - has surpassed 4,500, according to the 2018 Wealth Report.

The total number of property millionaires now stands at 4,583, an increase of 762 or 20% since this time last year.

With house prices growing by 7.3% year-on-year, there are now on average 15 properties sold nationwide every week that are worth €1m or more. 

At the very top end of the market there were 266 transactions of at least €1m since January of this year, which equates to just over 1.5% (1.64%) of the total market.

This is slightly up on last year, where €1m plus transactions accounted for 1.62% of the market and significantly up on 2016.

The highest concentration of property millionaires is in Dublin's Dalkey with 609, followed by Blackrock with 576 and Rathgar with 551.

The value of residential property in Ireland now stands at €420 billion, an increase of 7.3% from 2017. 

Sandycove in Dublin is the most expensive market in the country, with average property values of €910,000, followed by Mount Merrion at €821,000, Foxrock at €818,000 and Dalkey at €758,000.

By comparison, the average asking price countrywide is €247,000.

Outside of Dublin, Enniskerry in Co Wicklow is the most expensive market with average property values of €648,000 followed by Delgany at €466,000 and Greystones at €414,000.

In Munster, Kinsale is the most expensive location (€369,000) with Cork commuter towns averaging €359,000 and Rochestown at €328,000, completing the top three.

In Connacht-Ulster, Salthill at €345,000, Kinvara at€318,000 and Rahoon at €307,000 occupy the top slots.

In comparison the two least expensive markets are in Roscommon and Donegal, with the average asking price of a house in Ballaghaderreen, Co Roscommon, at €89,0000, around €821,000 cheaper than houses in Sandycove.

Ireland's most expensive street in 2018 is Eglinton Road in Donnybrook, which has seen no fewer than five properties change hands for €3.5m or more in the last 18 months. 

Commenting on the figures, Ronan Lyons, economist at Trinity College Dublin and author of the Wealth Report, said: "This is good news for those homeowners, obviously. But it also tells us about how our economy is changing.

"Housing wealth is accelerating fastest in a number of markets in the greater Dublin area, both central, such as Dublin 1 and Dublin 10, and further out, like Westmeath and Louth. 

"This highlights that access to employment, and other urban amenities is still front and centre for those looking for a home."