(Bloomberg) -- Irish house prices rose to the highest since 2007 in June, matching the peak seen before the country suffered one of the worst property crashes in Western Europe.
It’s taken over 15 years for prices to recover from the property crash that almost bankrupted the country, forcing it to seek an international bailout in November 2010.
The national Residential Property Price Index rose 14.1% in the 12 months to June to reach 163.6 points, equaling its highest recorded level at the peak of the ‘Celtic Tiger’ economic boom in April 2007, Ireland’s Central Statistics Office said on Friday. Even so, the annual rate of increase slowed for a third consecutive month.
Ireland June Residential Property Prices: Summary (Table)
Meanwhile, the return to property price highs comes amid the prospect of a possible euro-area recession this winter.
Prices in Dublin rose 11.8% in the year to June, while the rest of the country saw a climb of 16%. Overall the index was 1.2% higher in June from a month earlier, compared to a rise of 0.8% in May.
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