New figures from the Central Statistics Office show that residential property prices rose by 16.3% in the year to October.

This compares to an increase of 15% in September and marks the 17th increase in a row.

On a monthly basis, residential property prices increased by 2.9% in October, compared to a 1.8% rise in September. 

Today's figures show that property prices in Dublin grew by 3% last month and are 24.2% higher than they were a year ago.

Dublin house prices grew by 3.3% in the month and were 24.1% higher compared to October 2013.

Dublin apartment prices were almost 27% higher in October compared to the same time last year. 

In a further sign that the recovery in the housing market has now widened across the country, the price of residential properties in the rest of Ireland rose by 2.8% in October.

Prices are 8.3% higher than this time last year.

Overall, the national residential property price index is still 38.2% below the peak reached in 2007.

Commenting on today's figures, Merrion economist Alan McQuaid said that a lack of supply of houses is clearly pushing up prices, particularly in the Dublin area, but it is not something than can be rectified overnight. 

The economist said that apart from supply, the other key issue remains credit availability in the economy, although mortgage approvals data would suggest that things have started to improve on this front. 

He said that the new lending restrictions imposed by the Central Bank are likely to weigh negatively on first-time buyers from the start of next year and should help to push down house price growth in 2015. 

The CSO figures do not include cash buyers. Analysts said that although cash sales are not as high now compared with the start of the year, they are still significant and account for three to four of every ten transactions.