House prices surge by 12pc - latest CSO statistics
THE surge in property prices has picked up pace.
Prices jumped by almost 12pc in the year to May, according to the Central Statistics Office.
This compares with an increase of 10pc in the year to April.
It comes after the Organisation for Economic Co-operation and Development (OECD) warned last month of "concerns that another bubble may be forming".
The latest figures show that in Dublin prices rose by 11.2pc in the year to May.
But the biggest increase was in the south-east region with jumps of close to 19pc in values.
The Mid-East region showed the least price growth, with house prices increasing 8.7pc.
Outside Dublin there was a rise of almost 13pc in prices for the year to May. Apartment prices in the Rest of Ireland increased 20.6pc in the same period.
In the 12 months to May, the average market price paid by households for a dwelling was €249,358, the CSO said.
In the year to May, the average price paid by households was higher in Dublin than in any other region or county. The average price paid for a dwelling in Dublin was €401,600.
Overall, the national index is 29.5pc lower than its highest level in 2007. Dublin residential property prices are 29.5pc lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 34.7pc lower than their May 2007 peak.