Ireland registers second highest property price increase globally

The rate of increase of property prices in Ireland is the second highest in the world.

Residential property prices in Ireland rose by 10.81% year-on-year through to the end of June, according to a study by Global Property Guide.

The highest rate of increase globally was in Hong Kong, where property prices surged by 16.43% during the year to Q2 2015, a sharp turnaround from a drop of 0.66% for the same period in 2014.

Of the five strongest housing markets covered by the study, three are in Europe – with Estonia (+8.99%) and Iceland (+6.19%) showing considerable growth alongside Ireland.

At the other end of the scale, the biggest annual house-price declines were seen in the United Arab Emirates (-11.72%), Russia (-11.13%), and Ukraine (-10.64%).

READ ALSO – 2,500 new homes to be built in Northern Ireland after merger

For the year to the end of June 2015 house prices rose in 24 of the 39 world’s housing markets that have so far published housing statistics, using inflation-adjusted figures.

In Ireland, figures from the Central Statistics Office show that although property prices here continue to rise, the rate of increase has slowed somewhat.

In the year to June, residential property prices increased nationally by 10.7%. This compares with an increase of 13.8% in May and an increase of 12.5% in the 12 months to June 2014.

• rte.ie