New figures from the Central Statistics Office show that residential property prices in the Dublin market have decreased by 0.1% in February of this year. However, on an annual basis, they are up by 4%.
Nationally, prices have risen by 8% in the year to February. This marked the strongest annual rise in five months.
The February growth compares to year-on-year increases of 7.6% and 6.6% posted in January and December respectively.
The price of residential properties in the rest of the country rose by 0.1% in February from January.
Prices were 11.5% higher than February last year – the strongest rate of growth since May 2007.
A CSO figures are based on mortgage draw-downs only, and do not take into account cash transactions.
Property prices nationwide are on average 33.8% below their 2007 peak, but restrictions on mortgage lending introduced by the Central Bank a year ago has slowed down the bounce in prices.
Across Ireland, where the cost of a property are typically far lower than those in Dublin, restrictive property deposit rules are likely to drive prices at a faster rate with values less than €220,000.
Under the current Central Bank guidelines, buyers must have a minimum 10% deposit where the value of the property is €220,000 or less and 20% in excess of the threshold.