The level of property transactions across the country fell by 3.5% to 47,175 last year, however, the vaue of deals was 7.4% higher.

The figures, compiled by MyHome.ie using data from the Property Price Register, show the total value of transactions across the year was more than €11.5 billion.

Dublin accounted for around a third of all deals, with 15,000.

While at more than €6 billion, the value of 2016 transactions in the capital accounted for over half of the total nationwide value.

MyHome.ie Managing Director Angela Keegan said the figures reflected a lack of supply and rising prices in the Irish market.

Ms Keegan said: “We have approximately two million properties in Ireland and in a normal market around 4% or 80,000 of these would be changing hands each year. As this analysis shows we are a long way short of that.

“At the moment there are 18,900 residential properties for sale on MyHome.ie, this is 12% down on this time last year when there were 21,410 properties for sale. Clearly it is going to take some time for the property market to return to equilibrium.”

The figures also show the most expensive house sold in Ireland last year was the Lyons Estate in Kildare, which sold for over €12m.

At the other end of the scale, the cheapest property sold in Ireland according to the Property Price Register was at Newtown Clogher Claremorris, Co Mayo, which sold for €5,260.

Another property at Clonroche in Enniscorthy Co Wexford sold for €5,500.