Residential property prices increased by 5.5% nationally in the year to May, according to the latest figures from the Central Statistics Office (CSO).
This compares to an increase of 4.6% in the year to April and an increase of 0.3% in the 12 months to May 2020.
In Dublin, residential property prices saw an increase of 4.9% in the year to May, while property prices outside Dublin were 6.2% higher. This is the fastest level of growth seen in the capital since late 2018.
In Dublin, house prices increased by 5.6% and apartment prices increased by 1.8%. The highest house price growth in Dublin was in South Dublin at 6.6%, while Fingal saw a rise of 4.3%.
Outside Dublin, house prices were up by 5.7% and apartment prices up by 14%. The region outside of Dublin that saw the largest rise in house prices was the Border at 10.7% - at the other end of the scale, the South West saw a 1.1% rise.
Overall, the national index is 13.5% lower than its highest level in 2007. Dublin residential property prices are 18.8% lower than their February 2007 peak, while residential property prices in the Rest of Ireland are 16% lower than their May 2007 peak.
Property prices nationally have increased by 92.9% from their trough in early 2013. Dublin residential property prices have risen 101.2% from their February 2012 low, whilst residential property prices in the Rest of Ireland are 93.2% higher than at the trough, which was in May 2013.
The CSO’s latest Residential Property Price Index found the number of property transactions in May rose month on month by 2.2 per cent to 3,207. The total value of transactions filed with Revenue in May was €984 million.
Existing dwellings accounted for 84 per cent of the homes purchased, while the balance of 15.6 per cent were new dwellings.
The figures show households paid a median or middle-range price of €265,000 for a home in the Republic over the past year. The Dublin region had the highest median price at €392,500.
