Residential property prices rose by 6.9% in the year to end-June, the fastest annual pace since the end of 2018, the Central Statistics Office says.

In Dublin, residential property prices saw an increase of 6.4%, while property prices outside Dublin were 7.4% higher. In Dublin, house prices increased by 7.4% and apartment prices increased by 2.1%. The highest house price growth in Dublin was in South Dublin at 8.7%, while Fingal saw a rise of 5.6%.

Outside Dublin, house prices were up by 6.8% and apartment prices up by 15.2%. The region outside of Dublin that saw the largest rise in house prices was the Border at 13.9% - at the other end of the scale, the South West saw a 2.7% rise.

Association of Irish Mortgage Advisors chairman Trevor Grant commented: “Today’s figures reflect strong demand across Ireland’s property market and the months of stalled building. With most sites back up and running, we would hope to see an increased supply of new homes coming on stream later this year.

“That said, there are still too many developments caught in planning limbo and that is something that requires urgent action by government.”

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MyMortgages.ie head of credit Joey Sheahan added: “Property prices are really only going one way for the foreseeable future and that’s up. This will continue as long as demand for properties outstrips supply.

“Competition in the mortgage market is also making it an attractive time to secure an agreement and a good rate with a lender. And the good news is that although some lenders have announced plans to exit the market, those lenders remaining continue to make moves to cut rates and offer better terms.”