Reports say that officials from the OECD and the Central Bank recently accepted that the Irish property market is overvalued by 15%. This is according to a confidential account of their meeting produced by the Paris-based body.

Central Bank officials, however, were reluctant to disclose such a figure in case it might destabilise the Irish property market, says the Irish Times.

At a meeting of senior officials from the Organisation for Economic Co-operation and Development and the Central Bank on the subject of the property market, Irish officials were informed of OECD research which suggests that Irish prices were 15% overvalued.

The memorandum records senior Central Bank officials attending the meeting as agreeing this was consistent with their own judgment.

An account of the meeting produced by the OECD, and seen by The Irish Times, states: 'There is clearly a speculative element and econometric work by the OECD secretariat suggests prices are 15% overvalued.'

The think-tank represents 24 of the world's leading economies, including Ireland. It conducts in-depth studies of a range of policy topics and issues policy advice to its member states.