May 19, 2017 / 3:51 PM / 6 months ago

EU institutions warn about rise in Irish home prices

FRANKFURT (Reuters) - Home prices have surged in Ireland and need to be “closely monitored”, the European Central Bank and European Commission said on Friday.

Residential apartments and the Aviva Stadium are reflected in water in the Grand Canal Dock area of Dublin, Ireland December 5, 2016. REUTERS/Clodagh Kilcoyne

“Residential property prices accelerated recently and will need to be closely monitored,” the two institutions said after a follow-up visit to Ireland, which received a bailout during the financial crisis.

“Certain building requirements still present a barrier to the construction of apartments, while the new National Planning Framework could facilitate a more stable housing market by enabling a coherent spatial distribution of housing and supporting infrastructure,” they said in a statement.

Reporting by Francesco Canepa; editing by Mark Heinrich

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