Property price growth in Dublin accelerated in April to its fastest rate in eight months, but prices in the rest of the country fell.

New figures from the Central Statistics Office show that residential property prices overall rose by 7.1% in April on an annual basis. Prices were up by 0.3% last month compared to March.

The CSO figures reveal that Dublin residential property prices increased by 1.6% last month - the fastest increase since August of last year. They were up 4.6% on an annual basis. 

Dublin house prices rose by 1.9% in the month and were up 5% compared to the same time last year.

Meanwhile, Dublin apartment prices were 1.1% higher on a monthly basis.

However, the price of homes in the rest of the country fell by 0.6% in April, the second monthly fall in a row. Residential property prices outside of Dublin were up 9.5% on a yearly basis. 

The rate of house price growth slowed sharply last year after restrictions on mortgage lending was introduced by the Central Bank.

Property prices across Ireland remain on average 33% below their 2007 peak.

Commenting on today's figures, Davy economist David McNamara said that the recovery in house prices was well flagged by more positive asking price data in the first quarter and an uptick in mortgage approval values. 

The economist said that the current supply shortage - especially in Dublin - should continue to support house prices in the near term.

"Today's release reinforces our view that house price inflation will settle at 5% by year-end," he added.