Property prices rose by 15.3% on an annual basis in February, according to the latest figures from the Central Statistics Office.

Prices in Dublin rose by 13.5% while prices in the rest of the country rose by almost 17%.

There was a very slight decrease in the rate of property price increases from January to February compared to the previous month and a slightly lower rate of increase in the price of existing homes in the last three months of last year, the latest figures from the CSO show.

On an annual basis, prices rose from 14.8% in January to 15.3% in February.

Today's CSO figures show that the number of transactions was up 12% compared to February last year.

Nationally, property prices are now just 2.5% off their 2007 peak.

In Dublin, prices are just over 10% off their February 2007 peak while outside Dublin they are just 4% off their May 2007 peak.

The median, or mid-point price of a property nationally is now €282,000. But that figure rises to just over €400,000 in Dublin.

In Dublin, the price of houses rose by 13.6% on an annual basis while the price of apartments rose by 12.8%.

The fastest rate of increase was in Fingal at 14.3% and the slowest rate was in South Dublin at 12.2%.

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Outside Dublin, the price of houses rose by 16.7% while apartments rose by 17.8%. The fastest rate of increase remained the Border region at 26.9% while the slowest rate was 14.5% in the Mid East.

Prices nationally have now risen by 117.3% from their 2013 trough.

On a quarterly basis, the price of new homes rose by 2.5% in the fourth quarter of 2021, leading to an annual increase of 5.1%. Existing home prices rose in the fourth quarter of 2021 by 4.8%, compared to an increase of 6.1% in the third quarter leading to an annual increase in quarter four of 16.7%.

Existing dwellings accounted for 84.7% of purchases while new dwellings accounted for 15.3%.

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32% of purchasers were first time buyers, while 54% were movers and non-occupiers, which includes investors and housing agencies, accounted for 11.4%.

The most expensive Eircode in the country remains A94 Blackrock, where the median priced property was €700,000 while the least expensive Eircode remains H23 Clones where the median priced property was €96,000.

Ireland has fallen well short of meeting housing demand each year since then 2007. Supply is picking up after Covid-19 lockdowns but the Central Bank warned last week that higher costs and labour shortages could leave the Government short on its delivery targets.