Residential property prices outside of Dublin grew at a faster rate than in the city, new figures from the Central Statistics Office for the month of October show.

Property prices in the rest of Ireland rose by 12.8% higher in the year to October compared to an increase for Dublin of 11.6%.

Overall, the CSO said that residential property prices at a national level increased by 12.1% in the year to October, compared to a rise of 12.2% in the year to September.

On a monthly basis, residential property inflation cooled to a six-month low of 0.5% and down from a monthly growth rate of 1.5% in September.

Breaking down the figures, they showed that Dublin house prices were up 11.6% in the year to October, while apartment prices increased by 12.1%.

The highest price growth was seen in South Dublin - at 14.4% - while Dun Laoghaire Rathdown saw the lowest house price growth of 9.7%.

Meanwhile, house prices in the rest of the country increased by 12.5% in the year to October, while apartment prices jumped 15.9%.

The West region of the country experienced the greatest price growth of 15.8%, while the Midland region saw the slowest rate of growth at 8%.

The CSO noted that Dublin residential prices are still 24.7% lower than the peak they reached in February 2007, while property prices in the rest of Ireland are 29.7% lower than their May 2007 peak.

In the 12 months to October, the average market price paid for a home was €267,900. 

The CSO said that in the year to October, the average price paid by households was higher in Dublin than in any other region or county at €422,883.  

Of the four administrative areas of Dublin, Dún Laoghaire-Rathdown was the most expensive, with an average price of €589,894.

South Dublin was the least expensive, with an average price of €347,186. 

The next most expensive region was the Mid-East, where the average price paid by households was €268,170. 

Within this region, Co Wicklow was most expensive, with an average price of €334,677. This makes it the second most expensive county after Co. Dublin. 

The least expensive region for buying a home over the last 12 months was the Border region, with an average price of €127,033. 

The cheapest county to buy a home was in Co Longford in the Midland region, with a mean price of €94,800.

The CSO also said today that 3,906 household market residential dwelling purchases were filed with the Revenue Commissioners in October, up 10.5% on the same time last year.

The total value of the market based on transactions filed in October was €1.119 billion.

Of the 3,906 household purchases filed, 16.8% were for new homes and 83.2% were for existing dwellings.

Commenting on today's CSO figures, Merrion economist Alan McQuaid said that house prices are only going one way in the short-term until the supply issue is resolved.

The economist said that housing has now overtaken health as the main political "hot potato", and the key focus in Budget 2018 was on initiatives that should help alleviate the problems going forward.

But he said that things will not change overnight. 

"We see house price growth staying in positive territory on a year-on-year basis for the foreseeable future, with the annual rate of increase now looking like it's set to remain in double-digits for the remainder of 2017 and well into 2018," the economist added.