Irish residential property prices rose for the first time since 2007 in May, according to data released yesterday from the Central Statistics Office.
The 0.2% month-on-month rise increase was the first since September 2007, showing signs that the Irish property market may be stabilising after a crash that wiped over 50% off residential values.
Last month’s price increases compare with a 1.1% contraction in value in April, and a 1.2% decrease in price in May 2011.
Dublin residential property prices rose by 0.2% in May this year, but are still 17.5% lower than during the same period last year, and 57% lower than February 2007, the peak of the housing boom.
sophia.furber@estatesgazette.com
