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Irish property prices surge 11%, overall prices hit a 13-year high

The cost-of-living crisis has intensified in Ireland, with general prices surging at a rate not seen for more than a decade and property values increasing at double-digit rates.

Property prices in the country were up 11% in the year to August, the fastest rate of increase in three years, and general prices (inflation) are rising at a rate of 3.7%, pushed up by energy, fuel and rent hikes.

This is the largest annual change in general prices since October 2008 when prices rose by 4%. It is also the 11th month in succession that prices have increased when compared to the previous month, making it the longest consecutive sequence of monthly inflation since 2007, the CSO said.

Senior statistician at the CSO, Barra Casey, said: “The most significant increase in the year could be seen in transport, which was up 11.4%. This increase was mainly caused by higher prices for diesel, petrol and motor cars, an increase in airfares and a rise in the cost of services in respect of personal transport equipment.”

Regarding residential property prices, the Dublin region had the highest median price at €399,999, and within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €562,000, while South Dublin had the lowest at €366,875. The lowest price nationwide price was €124,900 in Leitrim.

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