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Property prices return to growth in Irish capital

Reuters - UK Focus

DUBLIN, April 26 (Reuters) - Residential property prices in Dublin posted their fastest growth in five months in March, outpacing the rest of Ireland (Other OTC: IRLD - news) for the first time since last summer, official data showed on Tuesday.

Prices in Dublin led a sharp recovery from a devastating property crash but the rate of growth slowed sharply last year after restrictions on mortgage lending introduced by the country's central bank.

Prices in the capital increased by 0.9 percent in March after four months of falls to stand 3.9 percent higher than a year ago. Prices for the rest of the country fell by 0.2 percent in the month but were 10 percent higher than a year ago.

Property prices across Ireland are on average 33.6 percent below their 2007 peak. (Reporting by Conor Humphries; Editing by Dominic Evans)