Property prices rose by 15.3% on an annual basis in February. 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 number of properties sold was up 12% compared to February last year. Nationally, property prices are now just 2.5% off their 2007 peak.

The median 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%.

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.

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

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

Central Bank warned last week that higher costs and labour shortages could leave the Government short on its delivery targets.