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Irish property prices continue to rise due to lack of homes for sale

New figures show that Irish property prices climbed by an average of 7.1% in the year to October, compared with an increase of 7.6% in the year to September, the Central Statistics Office said.

Dublin residential property prices have increased by 5.5% during the same period, with the highest house price growth in Dublin City (7.5%). In contrast, the lowest growth was in Fingal, with house prices rising just 3.4%.

However, residential property prices outside Dublin were 10.2% higher in the year to October. The midland region showed the greatest price growth, with house prices increasing 16.6%. Apartment prices outside of Dublin increased by 9.3% in the same period.

Property prices nationally are still around one-third lower than the peak reached in 2007 though and in October the average price paid for a new residence was €250,147.

The CSO said the average market price paid by households over the year - which was seen as a more stable measure of price - was €235,750.

In the year to October, the average price paid for a home was higher in Dublin (€386,657) than in other areas.

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