Updated 15.50
IF YOU THINK Irish houses prices have been climbing further and further out of reach, you’re not dreaming.
Figures pulled together by the Global Property Guide showed house prices in the Republic have been rising at the second-fastest rate of any market in the world.
Over the past 12 months, based on date for the second quarter of this year, prices jumped 10.7% – behind only the 20.1% increase in Hong Kong.
Prices across Europe were generally strong, with 13 out of 20 markets for which figures were available showing growth.
The latest price figures from the CSO showed prices rises outside Dublin have overtaken those in the capital, which had been the main driver for the inflation in housing costs.
A severe under-supply of homes in the most in-demand areas has been putting pressure on housing affordability.
The Housing Agency identified a shortage of 4,000 new homes last year, adding that almost 55,000 extra properties would be needed before the end of 2018.
Planning permissions data published today showed the number of new housing units given approval hit a four-year high in the second quarter of this year.
However only 6,626 new housing units were approved in 2014, indicating the demand for extra homes will be slow to translate into fresh supply.
Meanwhile, the OECD this week warned the prospect of another property bubble was one of the five main causes of uncertainty in the Irish housing market.
And then the rest…
At the other end of the spectrum, the Ukrainian capital Kiev had the biggest fall in house prices over the past 12 months.
That was followed by the highly-volatile Dubai market, which had the biggest drop of all when inflation was taken into consideration.
First published 10:35am
To embed this post, copy the code below on your site
have your say