DUBLIN. Nov. 8 (Xinhua) -- Irish residential property prices grew by 12.8 percent in the 12 months to September, according to new figures released on Wednesday.
The figures from the Central Statistics Office (CSO) showed it is the fastest annual increase in more than two years. This compares with an 11.8 percent annual increase in August and an 8 percent increase in the year to September 2016.
In Dublin the annual property price increase in September was 12.2 percent while property prices in the rest of the country were 13.2 percent higher in the period, according to the CSO figures.
But the CSO said the property price is still 23.7 percent lower than its highest level in 2007.
Dublin property prices are 24.5 percent lower than their February 2007 peak while property prices in the rest of the country are 29.9 percent lower than their May 2007 peak, it said.
Housing demand could be as high as 50,000 new units per year until 2021, according to a recent study by the Davy Group, Ireland's leading provider of wealth management.
Local real estate agents said the stock of properties on the market is now critically low in all urban areas.
