Property prices rose nationally by 6.4% in the year to December 2013, latest figures from the CSO have revealed.

This compares with an increase of 5.6% in November and a decrease of 4.5% recorded in the twelve months to December 2012.

Residential property prices grew by 0.3% in the month of December, compared with an increase of 0.6% in November and a fall of 0.5% recorded in December of last year.

In Dublin, residential property prices continued to increase (0.3%) but the rate is slowing, while property prices outside of Dublin rose by 0.1% in December, but were down 0.4% in the year.

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For the month, Dublin house prices grew by 0.1% and were found to be 15.3% higher compared to a year previously. Other properties, like apartments, located in the capital were 20.8% higher when compared with the same month of 2012, but the CSO said the figures are based on low levels of observed transactions.

The findings suggest that residential property prices in Dublin are now just over 49% lower than at their peak in February 2007. The fall in the cost of residential properties in the rest of Ireland is lower, at 46.8%.

Overall, it was said that the national index is 46.4% lower than its highest level in 2007.

(JP/MH)