The National Competitiveness Council (NCC) has also strongly urged the Government to take measures to prevent the return of another damaging property bubble.
In its annual report published today, the NCC said the rapid growth in house prices and residential rents, particularly in Dublin, “represents a potentially destabilising development”.
It said the increases could lead to “adverse knock-on consequences in terms of prices and wage expectations across the entire economy”.
The stark warning comes amid spiralling home price increases in the capital due to a lack of available housing supply.
The Central Statistics Office said last week that house prices in the capital had risen by 24pc in the past year, while across the country they were 16.3pc higher.
A national survey from property website Daft.ie showed that rents in Dublin jumped 17pc over the past year, while in Cork they rose 8pc, and in Galway by 7pc.
Read the full story in the Irish Independent
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