Residential property prices increased by 10.9% nationally in the year to August, with about half of this growth coming in the latest three months, new figures from the Central Statistics Office show.
This is the largest annual change in prices since June 2018, the CSO said.
The CSO reported significantly more transactions in the market in August with people buying 3,764 homes, an increase of 59.6% compared to the same time last year.
Today's figures show that Dublin house prices increased by 11.3% and apartment prices increased by 5.7% in the year to August.
The CSO noted that the highest house price growth in Dublin was in South Dublin at 12.6%, while Fingal saw a rise of 8.3%.
Outside Dublin, house prices were up by 11.1% while apartment prices rose by 16.7%.
The region outside of Dublin that saw the largest rise in house prices was the Border at 20.7%, while at the other end of the scale, the South West saw an 8.3% rise.
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Today's figures show that people paid a median price of €270,000 for a home on the residential property market in the 12 months to August.
The Dublin region had the highest median price of €399,999. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price of €562,000, while South Dublin had the lowest at €366,875.
The highest median prices outside of Dublin were in Wicklow at €370,000 and Kildare at €330,000, while the lowest price was €124,900 in Leitrim.
Today's CSO figures also show that in the year to August, a total of 44,306 home purchases were filed with Revenue.
Of these, 32.2% were purchased by first time buyer owner-occupiers, while former owner-occupiers purchased 53.7%. The balance of 14.2% were acquired by non-occupiers. .
Revenue data shows that there were 1,205 first-time buyer purchases in August 2021, an increase of 51.6% on the 795 recorded the same time last year.
These purchases were made up of 316 new dwellings and 889 existing dwellings.
The CSO said that property prices nationally have now increased by 103.2% from their trough in early 2013.
Dublin residential property prices have risen 110.8% from their February 2012 low, while prices in the rest of Ireland are 104.4% higher than at the trough, which was in May 2013.