DUBLIN, July 11 (Xinhua) -- Irish residential property prices nationwide rose by 11.9 percent in the year to May, according to official figures from the Central Statistics Office (CSO) on Tuesday.
The CSO figures showed Irish residential property prices grew at the highest annual rate since April 2015. This compared with an increase of 10 percent in the year to April and an increase of 5.4 percent in the 12 months to May 2016.
In Dublin, residential property prices increased by 11.2 percent in the year to May. Outside Dublin, residential property prices were 12.8 percent higher over the period.
At a national level, residential property prices were 29.5 percent lower than its highest level in 2007. Dublin residential property prices were 29.5 percent lower than their February 2007 peak, while residential property prices outside Dublin were 34.7 percent lower than their May 2007 peak.
From the trough in early 2013, the residential property prices nationwide have increased by 54.8 percent. In the same period, Dublin residential property prices have increased 72.5 percent whilst residential property prices outside Dublin are 50.2 percent higher.
Economists here attributed the increase of property prices to a lack of houses throughout the country.
"There is a shortage of every type of housing and it needs to be addressed urgently," said Alan McQuaid, chief economist with the Dublin-headquartered Merrion Stockbrokers.
"Our GDP numbers may point to a rich developed country, but you wouldn't think it judging by the number of people sleeping rough on the streets in our major cities," he said.
The Irish economist predicted the residential property prices to rise further.
"We see house price growth staying in positive territory on a year-on-year basis for the foreseeable future, with the annual rate of increase set to remain in the 7-12 percent range over the rest of 2017," he said. Enditem
