Residential property prices rose by 12.4 per cent nationwide in the year to September, according to an update from the Central Statistics Office (CSO).
This compares to a decrease of 0.8 per cent in the 12 months to September 2020.
In Dublin, residential property prices saw an increase of 11.5 per cent in the year to September, with house prices increasing by 12.4 per cent and apartment prices increasing by 7.7 per cent.
Outside the capital, property prices were 13.2 per cent higher. House prices were up by 13 per cent while apartment prices rose by 15.1 per cent. The region outside of Dublin that saw the largest rise in house prices was the Border, at 21.9 per cent.
Chairperson of the Association of Irish Mortgage Advisors, Trevor Grant, said both rents and property prices are rising “month in, month out.”
People “trying to be homeowners with good incomes and steady jobs all over the country are getting frustrated and disillusioned because they are finding themselves stuck between a rock and a hard place,” he added.
“Unlike the austerity years, banks have money to lend and want to lend, but the culmination of lack of supply, high property prices, tight lending rules, soaring rents and in some cases, expensive childcare, is hampering people’s ambitions to own their own home.
“Work needs to be done in every aspect to remove or substantially reduce the impact of these roadblocks, by way of a cohesive and holistic plan devised by all relevant stakeholders… Buying a home has become a challenging business.”