National residential property prices in Ireland increased by 13.4% in the year to July, according to the latest figures from the Office of National Statistics.
This compares with an increase of 12.5% in June and an increase of 2.3% recorded in the 12 months to July 2013.
On a month on month basis property prices increased by 2% in July compared with June. This compares with an increase of 2.9% recorded in June and an increase of 1.2% recorded in July of last year.
In Dublin residential property prices grew by 2.7% in July and were 23.2% higher than a year ago.
Dublin house prices rose by 2.5% in the month and were 23.1% higher compared to a year earlier while apartment prices were 26.3% higher when compared with the same month of 2013.
However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the rest of Ireland rose by 1.3% in July compared with a decrease of 0.1% in July of last year. Prices were 4.9% higher than in July 2013.
Despite the gains house prices in Dublin are still 41.2% lower than at their highest level in early 2007. Apartments in Dublin are 48.4% lower than they were in February 2007.
Property prices in Dublin are 43% lower than at their highest level in February 2007 while in the rest of Ireland prices are 45.1% lower than their highest level in September 2007.
Overall, the national index is 42.3% lower than its highest level in 2007.
This article was republished with permission from Property Wire.