Property prices across the Republic have climbed dramatically over the last 12 months, with an increase of more than 6 per cent recorded nationally.

Dublin property prices saw a bounce of 15 per cent over the last year.

According to new figures from the Central Statistics Office (CSO), residential property prices nationally increased by 6.1 per cent in the 12 months to the end of October. This compares with an increase of 3.6 per cent in the 12 months to September and a decrease of 8.1 per cent recorded in the 12 months to the same month in 2012.

In Dublin, residential property prices grew by 2.3 per cent in October and are now 15 per cent higher than they were a year ago, the new figures show.

Broken down by property type, the figures show that house prices in the capital grew by 2 per cent in the month and were 14.6 per cent higher compared to a year earlier. Apartment prices saw an even bigger bounce and at the end of last month they were 18 per cent higher when compared with the same month of 2012.

The CSO cautioned that the apartment figures were based on “low volumes of observed transactions and consequently suffer from greater volatility than other series”.

The emergence of a two tiered property market is continuing and the pace of growth outside of Dublin is not as significant. While the price of residential properties outside of Dublin rose by 1.5 per cent in October, year-on-year prices are down marginally by 0.3 per cent.

House prices in Dublin are now 48 per cent lower than they were at their highest level in early 2007. Apartments in Dublin are 56 per cent off their boom-time peak in February 2007. The fall in the price of properties in the Rest of Ireland is somewhat lower at 47 per cent.

Overall, the national index is 47 per cent lower than its highest level in 2007.