New figures from the Central Statistics Office show that residential property prices rose by 5.6% in the year to November.

It marks a slight slowdown from the rate of growth of 6.1% in October and was the slowest in six months.

Residential property prices nationwide grew by 0.6% in the month of November compared to October.

Today's figures show that the two-speed housing market continued last month, with property prices up 13.8% in Dublin on an annual basis, while they fell by 0.6% in the rest of the country.

Breaking down the figures, they show that residential property prices in Dublin grew by 1.3% in November.

Dublin house prices rose by 1.4% in the month and are 13.1% higher compared to a year ago. Dublin apartment prices jumped 20.7% on a yearly basis.

But despite the recent gains in property prices, overall property prices nationwide are still 46.7% lower than the highs reached in 2007. Residential property prices in Dublin are 49.2% lower than at their highest level in February 2007.

The CSO said Dublin house prices are still over 47% lower than their highest levels in 2007, while apartment prices are over 56% below their peak levels.

Commenting on today's CSO figures, Investec economist Emmet Gaffney said that supply remains a major issue in Dublin, with new build activity at historically low levels and secondary market transactions only running at about 1.4% of the total housing stock.

"In large parts of the rest of the country, the opposite is the case, with excess supply weighing on prices, along with weaker economic fundamentals," he said.

Mr Gaffney said the recent strength in the CSO figures will be particularly welcomed by the banks, as they face into the ECB’s comprehensive assessment next year.