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26 Jun

House prices see first monthly rise since 2007 - CSO

The increase in house prices nationwide was the first since September 2007, the CSO figures show. The figures reveal that residential property prices in Dublin increased by 0.5% in May - the third month in a row in which Dublin house prices have risen.

However, they remain 17.7% lower compared to a year earlier. The price of homes in the rest of Ireland, outside of Dublin, rose by 0.1% in May compared with a decline of 2.1% in May last year - the first rise since January 2008. Prices are down 14.2% compared to the same time last year. The CSO figures show that house prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 61% lower than they were in February 2007, while residential property prices in Dublin are 57% lower. Economist Alan McQuaid, from Merrion Stockbrokers said that both the Central Bank and ESRI have in recent research suggested that the housing market may be close to a bottom, with signs of pent-up demand among under-35s seeking to buy a family home. But he added that there is still a huge oversupply in many parts of the country outside Dublin, which will continue to weigh on overall prices for some time to come.

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