Houses prices across the State rose by 8.5 per cent in the 12 months to the end of April, the latest figures from the Central Statistics Office (CSO) show.
Amid continuing concerns about the supply of housing in Dublin, the figures show property prices in the capital jumped by 3.1 per cent on a monthly basis in April, after a flat reading in March.
This meant property prices in Dublin were 17.7 per cent higher than a year ago.
The Economic and Social Research Institute has repeatedly warned that a shortfall in housing in Dublin was creating “unnecessary” pressure on prices.
A breakdown of the figures showed Dublin house prices rose by 3.1 per cent in April, and were 17.8 per cent higher on an annual basis.
Dublin apartment prices were 17.5 per cent higher when compared with the same month of 2013. However, the CSO cautioned that the data for apartments were based on low volumes of transactions and were subject to greater volatility.
The CSO statistics show that residential property prices nationwide increasedby 1.4 per cent in April, following a monthly fall of 0.7 per cent the previous month.
Property prices outside of Dublin, however, fell by 0.3 per cent in April, but were 1.3 per cent higher than a year ago.
Despite the recent surge in prices, property prices in Dublin remain 48.5 per cent lower than their highest level in early 2007, the figures showed.
House prices in Dublin are 46.7 per cent lower than their peak, while apartment prices in the capital are 54.2 per cent lower than their peak.
Outside Dublin, prices are 47.4 per cent lower than their highest level in September 2007.
The Construction Industry Federation (CIF) said the housing market in Dublin would be susceptible to large house price jumps until the supply issue is resolved, .
Director general Tom Parlon said: “These latest statistics should come as no surprise to anyone who has been following the property market.”
“A shortage of supply means the level of demand is not being catered for and this is leading to an increase in prices in Dublin and certain other urban areas.”
Both the Government and ESRI agree that about 25,000 houses need to be built annually to satisfy current demographic trends.
