Big property boom in west of Ireland as prices up 20%
Irish property prices are rising fastest in the west of the country, official figures have revealed.
In the year to the end of February, the market in Dublin was up just over 8% but in parts of the west, which includes Galway, Roscommon and Mayo, the prices increased almost 20%.
The Central Statistics Office (CSO) said there was no data to fully explain the huge jump but a spokesman added that it could be partly explained by the region experiencing growing demand after lagging behind the recovery in the capital.
Overall, the property market is about 30% below where it was when the crash hit in 2007.
The Institute of Professional Auctioneers & Valuers said prices will continue to rise until supply starts to increase.
Chief executive Pat Davitt said: "There are only a few large operators building residential in Dublin city. This lack of competition is fuelling price growth and also dictating a tendency to build in areas that can command higher prices."