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Irish house prices climb to a six year high House prices rise 'only in Dublin'
(about 17 hours later)
House prices in the Republic of Ireland are at their highest level in six years, official figures show. House prices in the Republic of Ireland have increased by 2.8% in the year to August.
The Central Statistics Office says prices rose by 2.8% in August, the highest annual rise since 2007, pushed up by rising prices in the capital. Almost all the gains are being driven by the Dublin market where prices are now 11% higher than they were in 2012.
Dublin property prices rose by 10.6% in August compared to the year before and by 1.9% on a monthly basis. Outside Dublin, prices are almost 3% lower than they were a year ago.
Despite the increases, Dublin house prices are still 50% below their level at the peak of the bubble. House prices in the Republic are still 49% lower than at their highest level in early 2007.
Five years ago house prices in Ireland halved, after boom years had created a property and credit bubble. The inflating and subsequent bursting of a property price bubble was largely responsible for the near collapse of Ireland's banking system in 2008.
As a result, Ireland had to seek a bailout from international lenders including the European Union.