House prices rise by 11.9% in the last 12 months to May

Residential property prices nationwide rose by 11.9% in the 12 months to May and prices are accelerating at twice the rate of the previous 12 months.

According to the latest figures from the Central Statistics Office (CSO), this marked the highest annual growth rate since April 2015 and it compares with an increase of 10% in the year to April and a rise of 5.4% in the 12 months to May 2016.

The figures show that Dublin residential property prices increased by 11.2% in the year to May. Dublin house prices were up 11.5%, while the price of apartments increased by 8%.