Residential property prices for houses and apartments increased by 14% nationally in the year to November, according to the latest figures from the Central Statistics Office (CSO).
This compares to an increase of 13.3% in the year to October and an increase of 0.4% in the twelve months to November 2020.
Property prices have now been rising for 15 consecutive months with the November figure marking the fastest pace of increase in Irish property prices in six-and-a-half years.
Prices have continued to surge despite a 42pc rise in the number of new homes that were commenced by builders last year.
On current trends, Irish property prices are likely to exceed their 2007 peak in the early months of 2022, economists said.
House prices have more than doubled since the trough in 2013.
In Dublin, residential property prices saw an increase of 12.8% in the year to November, while property prices outside Dublin were 15% higher.
In Dublin, house prices increased by 13.5% and apartment prices increased by 9.7%. The highest house price growth in Dublin was in Dún Laoghaire-Rathdown at 15.5%, while Fingal saw a rise of 10.8%.
Outside Dublin, house prices were up by 14.8% and apartment prices up by 17.5%. The region outside of Dublin that saw the largest rise in house prices was the Border at 23.4%, while at the other end of the scale, the Mid-East and Mid-West saw a 12.6% rise.
Overall, the national index is 5.1% lower than its highest level in 2007. Dublin residential property prices are 12% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 6.9% lower than their May 2007 peak.
Property prices nationally have increased by 111.7% from their trough in early 2013. Dublin residential property prices have risen 117.9% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 114.2% higher than at the trough, which was in May 2013.
In November 2021, 4,566 dwelling purchases by households at market prices were filed with Revenue, an increase of 7.8% compared to the 4,236 purchases in November 2020
The median price of a dwelling purchased in the 12 months to November 2021 was €276,000.
In the 12 months to November 2021, the lowest median price for a house was €129,000 in Longford, while the highest median price was €590,00 in Dún Laoghaire-Rathdown.