Property prices in Ireland rise from the gloom

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The most recent figures from the Central Statistics Office have revealed for the first time in five years that residential property prices in Ireland have finally increased.

May saw property prices rise by 0.2%, which is the first month on month increase recorded since September 2007.

Despite the first month on month rise, the annual basis has dropped 16.4% in April and in the twelve months to May 2011 a decrease of 12.2% was recorded.

Experts believe the property market in Ireland is beginning to recover as the rate of decline is easing, having dropped by as much as 50% since the economic crisis commenced in 2008.

In the three months leading up to May, prices fell by 0.9%, which is an improvement from the three months to February which were down from 5.7%.

May saw the price of residential property increase by 0.2%, although they remain 17.5% lower than a year ago.

The house prices in Dublin are 17.7% lower when compared to the same time last year, but May saw a rise of 0.5%.

Ronan Lyons, an economist with property website, said: “It remains to be seen if it is the market taking a break or if it is the end of price falls. It would be a surprise if it was as simple as this.”

Transfer Money to Ireland

If you are looking to send money abroad for personal or investment reasons, think carefully about how you will be transferring money to Ireland or elsewhere abroad.

Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are looking to send money to Ireland or any such country overseas–be sure to compare the market before you buy your overseas currency.

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