House prices in State rise at second fastest rate in EU

House prices in the State rose at the second-fastest rate in the European Union in the third quarter of 2017, just slightly behind the Czech Republic.

Figures from the EU's statistics office, Eurostat, show that Irish house prices increased by 12 per cent year on year in the third quarter while prices in the Czech Republic increased 12.3 per cent.

This compares to a 4.6 per cent increase across the EU and a 4.1 per cent increase in the euro zone.

While Ireland's houses were becoming more expensive, properties in Italy became cheaper, dropping 0.9 per cent.

How did scary property prices become so frighteningly normal?

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Quarterly increase

Compared with the previous quarter, the highest increase in house prices was recorded in the State, at 5.7 per cent, followed by Malta, at 4.3 per cent, and the Netherlands, at 3.7 per cent. Meanwhile, prices in Romania fell 1.6 per cent.

Recently released figures from the Central Statistics Office showed that property price growth moderated slightly in November as prices rose 11.6 per cent year on year, compared with an annual increase of 12.1 per cent the previous month.

Those numbers mean prices nationally have now risen nearly 72 per cent since the trough in early 2013, and are just 23 per cent off their 2007 peak.