Property prices nationally rose by 4.4% last year despite higher mortgage rates and cost-of-living pressures.
The latest Residential Property Price Index from the Central Statistics Office (CSO) for December showed annual house price inflation has now risen for four consecutive months.
Prices were also up by 1.5% on a monthly basis, the fastest level of monthly growth seen in nearly two years.
In Dublin, where supply pressures are most intense, prices were 2.7% higher in December than a year earlier while property prices outside Dublin were 5.7% higher.
The rate of price growth softened significantly in the middle of last year on the back of 10 consecutive interest rate rises from the European Central Bank, which have made it more expensive for buyers to borrow.
Year-on-year property price growth had cooled from a recent peak of 15.1% in February 2022 to a near three-year low of 1.1% last August.
Despite recovering to a 15-year high in 2023, the supply of new housing is still not growing fast enough to meet demand.
Last year’s property prices were 3.9% than at the height of the Celtic Tiger era in 2007.
The latest figures show that house prices in Dublin rose by 2.7% in the 12 months to December while apartment prices increased by 2.6%.
The highest house price growth in Dublin was in South Dublin at 4.3% while Dún Laoghaire-Rathdown saw a rise of 1.2%.
Outside Dublin, house prices were up by 5.6% and apartment prices jumped by 7.7% over the 12 month period.
The region outside of Dublin that saw the largest rise in house prices was the Midlands (Laois, Longford, Offaly, and Westmeath) at 7.8%, while at the other end of the scale, the West (Galway, Mayo, and Roscommon) saw a 3.3% rise.
The CSO figures show that the median price of a home bought in the 12 months to December was €327,500.
The lowest median price for a home was €165,000 in Leitrim, while the highest median price was €622,250 in Dún Laoghaire-Rathdown.
Meanwhile, the most expensive Eircode area was A94 'Blackrock' with a median price of €720,000, while F45 'Castlerea' had the least expensive price of €135,000.
The figures also show that a total of 5,063 homes bought at market prices were filed with Revenue in December, a fall of 2.9% when compared with the 5,213 purchases in December 2022.
The CSO said that property prices nationally have now increased by 140% from their trough in early 2013.
Dublin residential property prices have risen by 138.4% from their February 2012 low, while residential property prices in the Rest of Ireland are 149.9% higher from their trough in May 2013.
There were 50,234 transactions recorded in Ireland last year, up from 44,499 in 2018 and more than double the 20,680 sales in 2012. Just under 25% of purchases last year were to first-time buyers.
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