DUBLIN, June 10 (Xinhua) -- The residential property prices in Ireland rose 12.7 percent year on year in the first quarter of this year from a year ago, according to a local consulting company.
In the Irish capital Dublin, residential property prices rose by 12.1 percent in the first quarter, said Merrion Fixed Income in a weekly Irish Economy Watch received by Xinhua on Sunday.
Dublin house prices increased 11.8 percent whereas apartments rose 13.9 percent in the same period, said the weekly newsletter, adding that the highest house price growth in March was in Dublin City, at 14.2 percent; and the lowest growth was in South Dublin, with house prices rising 9.6 percent.
According to the weekly economy watch, residential property prices in the rest of Ireland were 13.4 percent higher in the year to March. House prices in the rest of Ireland rose 13 percent over the period and apartment prices in the rest of Ireland increased 13.4 percent in the same period, it said.
The west region of the country showed the greatest price growth, with house prices increasing 18 percent, whereas the region bordering Britain's Northern Ireland showed the least price growth, with house prices rising 8.8 percent, according to the economy watch.
Merrion Fixed Income predicts that the residential property prices in Ireland are only going one way in the short-term until the supply issue is resolved.
"We see house price growth staying in positive territory on a year-on-year basis for the foreseeable future, with the annual rate of increase now looking like it's set to remain in double-digits for well into 2018 at least," said Alan McQuaid, an economist of Merrion Fixed Income.
