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Thu 07 Jul 2010House prices overvalued by 16 per cent
Ireland is bottom of the league of 20 countries in The Economist’s latest global house price index. Frances O’Rourkereports
IRISH house prices are overvalued by nearly 16 per cent according to The Economist, even though they fell by 11 per cent over 2009 in the quarter under review. Its figure of 15.7 per cent is based on its analysis of “fair value” in housing: it compares the current ratio of house prices to rents with its long-term average.
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