House prices in the euro area rose 5.8% in the first quarter of the year compared to the same period last year, according to EU's official statistics agency Eurostat.

This is the highest annual increase for the euro area since the fourth quarter of 2006.

Price growth in the wider EU was higher at 6.1% the data shows, the biggest rise since the third quarter of 2007.

When compared with the final quarter of last year, the cost of homes rose by 1.3% in the euro area and 1.7% in the EU in the first quarter of 2021.

Despite the pace of property price growth here running at 4.5% and gathering pace according to the CSO, Ireland did not feature among the list of countries with the highest rate of increase across the EU.

In Luxembourg house prices rocketed by 17% in the first quarter compared to the first three months of 2020, while in Denmark they jumped by 15.3% and in Lithuania by 12%.

According to Eurostat, house prices in the first quarter in Ireland were up 3.1% year on year.