Irish property prices continue to rise this summer

Overall, prices are still about one-third lower than peak 2007 levels...

The Central Statistics Office (CSO) has reported a 6.9% rise in Irish residential property prices in the year to May.

An increase of 13.8% was recorded in the 12 months to May 2015.

A 0.2% increase in May alone means that the rate of monthly growth has slowed marginally, compared to a rise of 0.3% in both April and March. It was also down on May 2015, which saw a 0.5% increase.

The CSO says prices are still 33.2% below the peak levels hit in 2007.

In Dublin, house prices were up 0.4% in the month, some 5.7% higher compared to a year earlier.

Dublin apartment prices were 1.1% lower when compared with the same month of 2015.

However, the CSO noted that the low volumes of observed transactions means there is greater volatility in the numbers.

The price of residential properties in the rest of Ireland increased by 0.1% in May, compared with an increase of 1.1% in May of last year. Prices were 8.5% higher than in May 2015.