Irish house prices surging!
After a five-year housing bust, Ireland’s house prices are now rising sharply. The national residential property price index skyrocketed by 16.2% (16.1% inflation-adjusted) y-o-y in November 2014, a sharp improvement from the annual rise of 5.6% a year earlier and a contraction of 5.7% in November 2012, according to Central Statistics Office Ireland. During the latest quarter, nationwide house prices rose sharply by 5.3% (6.2% inflation-adjusted).
House price rises in the capital city, Dublin, are accelerating. The residential property price index in Dublin skyrocketed by 22.4% (22.3% inflation-adjusted) during the year to November 2014. These double-digit property price rises are now raising concerns over an emerging property bubble and prompting government authorities to take action to cool the market.
