Residential property prices nationwide rose by 0.5% in May on a monthly basis, new figures from the Central Statistics Office show today.
Property prices are 13.8% higher on an annual basis, down from 15.8% in April and the slowest rate of growth since July.
Today's figures show that residential property prices in Dublin fell by 0.1% in May. Analysts said the fall came as a surprise given the chronic shortage of housing supply in the city.
Dublin house prices were down 0.2% in the month while apartment prices rose by 0.4%.
The CSO said that Dublin residential prices remained 15.2% higher in May of this year compared to the same time last year.
Residential property prices outside of Dublin rose by 1.1% in May and are up 11.9% in May 2014 compared to May 2015 - the fastest rate of growth in eight years.
The CSO figures show that at a national level, property prices are still 37.5% lower than their peak levels in 2007.
Dublin house prices are 36.4% lower than their peak, while Dublin apartment prices are 41.9% off their peak 2007 levels.
Outside of Dublin, residential property prices are 40.8% lower than their highest level in 2007.
Commenting on today's figures, Investec Ireland economist Philip O'Sullivan said that the annual rate of growth in residential prices has moderated to its weakest since last July's reading of 13.4%.
The economist said that he expects to see further positive month on month readings over the coming months, but he added that the annual rate of increase in prices should continue to moderate from here.
Meanwhile, Goodbody economist Juliet Tennent said that another issue affecting house prices in Dublin is affordability.
She pointed out that house prices in Dublin grew at an average in over 23% in the second half of 2014, far outstripping earnings growth and putting pressure on affordability metrics.
"This combined with a shortage of supply has seen people move to the counties surrounding Dublin, pushing up prices there. Indeed, median prices from the property price register show that prices in the commuter counties are likely to be accelerating while those in the capital are slowing," the economist added.
The Central Bank introduced restrictions on mortgage lending in January to try to ensure that house price rises do not return to unsustainable levels.
