Residential property prices rose by 12.8% in the 12 months to September, new figures from the Central Statistics Office show – the fastest annual rise in more than two years
This compares with an 11.8% annual rise in August and an 8% increase in the year to September 2016.
In Dublin the annual property price rise in September was 12.2%. House prices in the capital were 12.4% higher, while apartment prices increased by 11.4%.
The highest house price growth was in Dublin City, at 13.9%, with the lowest growth in Dun Laoghaire-Rathdown (+9.9%).
According to the CSO, property prices in the rest of the country were 13.2% higher in the year to September.
Outside Dublin house prices saw a 12.8% increase over the period, while apartment prices rose by 15.5%.
The West region showed the greatest price growth, with house prices increasing 16.5%. The Mid-West region showed the least price growth, with house prices up by 9.8%.
Despite the increases, the Residential Property Price is still 23.7% lower than its peak in 2007.
Dublin residential property prices are 24.5% lower than their February 2007 high point, while residential property prices in the rest of the country are 29.9% below their May 2007 peak.
From the trough in early 2013, prices nationally have increased by 70.2%.
In the same period, Dublin residential property prices have risen by 87%, while residential property prices outside Dublin are 61.4% higher.
A recovery in prices that began in 2013 has accelerated sharply across the country this year on the back of a long-standing lack of supply combined with surging demand.
Prices were up 2% on a monthly basis in September, the CSO said.
This means that prices are 23.7% below the peak hit at the height of a property bubble a decade ago at the end of September compared to 29% three months earlier.
Today’s CSO figures show that in the 12 months to September, the mean – or average – market price paid by households for a dwelling was €265,287.
The mean price paid by households was higher in Dublin than in any other region or county and stood at €419,983.
Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with a mean price of €590,725 over the 12 month period, while South Dublin was the least expensive with a mean price of €344,159.
The next most expensive region was the Mid-East, where the mean price paid by households was €265,898.
Within that area, Co Wicklow was most expensive, with a mean price of €331,456, making it the second most expensive county after Co Dublin.
The cheapest region for household purchases over the last 12 months was the Border region, with a mean price of €126,185.
The least expensive county was Co Longford in the Midland region, with a mean price of €93,622