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Irish home prices higher than in U.S.

February 16, 2011

By Staff Reporter

By Andrew Bushe

DUBLIN — Irish home prices are on average more than twice the price of comparable American homes and are the second most expensive in the EU, according to a recent international study.

Based on the standard measurement of 300 square feet for urban apartments or houses, the study found it needs 18.2 times the average disposable income to purchase a typical urban home.

Comparative figures were 12.7 in Britain, 10.5 in Belgium and 8.3 in the United States.

Figures from the Dresdner Kleinwort Benson brokerage group show the EU average is 14.7, with only the Dutch, at 19.1, ahead of Ireland.

Ten years ago, buying a house in Ireland required 11.3 times the average disposable income. Houses and apartments in the U.S. cost 9.7 times income 10 years ago.

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Last month, the Central Bank warned that spiraling home prices could fuel inflation and expressed concern that some banks and building societies were breaching traditional mortgage-lending guidelines.

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