OECD warn that property price rises are “reminiscent of the bubble”

The Organisation for Economic Co-operation and Development (OECD) has warned that rapid rises in Irish property prices are “reminiscent of the bubble period of a decade ago” and has called on the Government to act on the issue.

“Further macro-prudential tools should be used, if necessary, to prevent investors becoming excessively exposed,” the OECD said in its annual Economic Outlook, published earlier this week.

The Paris-based body did not specify the interventions it would favour.

The warning was contained within a generally positive assessment of the Irish economy, which, the report noted, enjoyed the fastest growth in the OECD in 2014, at 4.8 per cent. The OECD predicts 3.5 per cent growth for Ireland this year, slowing to 3.3 per cent in 2016.

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