The price of houses in Ireland could rise by up to 83 per cent in the five years from 1998 to 2002, according to a panel of market economists, representing the main financial institutions.

This includes price rises which have already occurred this year, which economists say could be as much as 25 -30 per cent. The forecasts are a series of "maximum" price forecasts assuming the euro goes ahead.

The forecasts, published in the latest issue of Finance magazine, show that property prices could rise by as much as 4050 per cent more over the next five years. "The largest single driver behind the increases is identified as an impending fall in interest rates in the Irish housing market following the launch of the euro," the magazine says.

If the euro goes ahead and there are no major economic shocks - domestically or internationally - the economists questioned believe that the maximum price increases are "a distinct" possibility.