Ireland's residential property prices up 6.6 pct in half year

Ireland's residential property prices at a national level increased by 6.6 percent in the year to June, according to latest figures on Friday.

The figures from the Central Statistics Office (CSO) showed that in Dublin, residential property prices decreased by 0.7 percent in June and were 4.5 percent higher than a year ago.

Dublin house prices decreased by 1 percent in the month and were 5 percent higher compared to a year earlier. Dublin apartment prices were 0.5 percent lower when compared with the same month of 2015.

Outside of Dublin, the price of residential properties increased by 0.5 percent in June compared with an increase of 0.4 percent in June of last year. On a yearly basis, residential properties outside Dublin were up 8.6 percent.

The CSO figures said house prices in Dublin are 33.5 percent lower than their highest level in early 2007, adding that apartments in Dublin are 41.8 percent lower than they were in February 2007.

Residential property prices in Dublin are 35.6 percent lower than at their highest level in February 2007, the CSO said.

The price of residential properties in the rest of Ireland is 35.4 percent lower than their highest level in September 2007, it said.

Overall, the national index is 33.3 percent lower than its highest level in 2007, according to the CSO.

Irish real estate sector has been seriously affected by the burst of the bubble. The bubble was an extreme increase in the price of real estate from the late 1990s to 2007 in a period known as the Celtic Tiger. The fall in domestic and commercial property prices contributed to the Irish banking crisis.