New figures have revealed residential property prices have increased by 11.9% in the year to May.

The latest Central Statistics Office (CSO) data is up from a rise of 10% in the year to April and an increase of 5.4% in the 12 months to May 2016.

In Dublin, prices rose by 11.2% in the year to May. House prices increased 11.5%, while apartments increased 8% in the same period.

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The highest area of house price growth was 12.4% in South Dublin. The lowest was in Fingal, with prices rising 6.8%.

In the Rest of Ireland, prices were 12.8% higher in the year to May. Overall prices in the rest of the country increased 12.2%, with the South-East region showing the greatest growth (18.6%).

The Mid-East region showed the least price growth, with house prices increasing 8.7%. Apartment prices in the Rest of Ireland increased 20.6% in the same period.

However, the national index is 29.5% lower than its highest level in 2007. Compared with their peak during this period, Dublin residential property prices are 29.5% lower than February 2007, while residential property prices in the Rest of Ireland are 34.7% lower than their May 2007 peak.

(LM/MH)