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Ireland's residential property prices up 8 pct on yearly basis in Feb.

Xinhua, March 31, 2016 Adjust font size:

New figures released on Wednesday showed that in the year to February, Ireland's residential property prices at a national level rose by 8 percent, up from the year-on-year rises of 7.6 percent and 6.6 percent posted in January and December respectively.

But the figures from the Central Statistics Office (CSO) showed the country's residential property prices showed no change in the month of February. This compares with a decrease of 0.5 percent recorded in January and a decrease of 0.4 percent recorded in February of last year, according to the CSO.

In Dublin, residential property prices decreased by 0.1 percent in February and were 4 percent higher than a year ago. Dublin house prices decreased by 0.3 percent in the month and were 4 percent higher compared to a year earlier. Dublin apartment prices were 4.3 percent higher when compared with the same month of 2015.

The price of residential properties in the rest of Ireland rose by 0.1 percent in February compared with no change in February of last year. Prices were 11.5 percent higher than in February 2015.

On an overall basis, house prices in Dublin are 35.1 percent lower than at their highest level in early 2007. Apartments in Dublin are 40.9 percent lower than they were in February 2007. Residential property prices in Dublin are 36.9 percent lower than at their highest level in February 2007.

The price of residential properties in the rest of Ireland is 35.2 percent lower than their highest level in September 2007. Overall, the national index is 33.8 percent lower than its highest level in 2007.

Irish real estate sector has been seriously affected by the burst of the bubble. The bubble was an extreme increase in the price of real estate from the late 1990s to 2007 in a period known as the Celtic Tiger. The fall in domestic and commercial property prices contributed to the Irish banking crisis. Enditem