The most recent property index from the Central Statistics Office (CSO) has confirmed that residential property prices rose nationally by 12.5% in the last 12 months.
This result compares with a 12.2% increase in the year to December and an 8.8% increase in 12 months leading to January 2017.
Residential property prices increased in Dublin by over 12% in the year to December. In the capital, home prices went up by 11.4% while flat prices increased 15% over the same time frame.
The highest growth in house prices took place in Fingal at 14.2%. The lowest was in Dún Laoghaire-Rathdown, where an increase of 9% was recorded.
The West of Ireland showed the most price growth at 17.2% while house prices increased by 9.9% in the South-East. In the rest of Ireland, with the exception of Dublin, residential property prices were 13% higher in the year to January.
The national index is still approximately 22.3% lower than the record level it reached in 2007.
Rachel McGovern, Brokers Ireland Director of Financial Services, said that such a quick amount rate of price growth will leave many young people less well off in their later years.
She said that rates of home ownership were at 67%, down from the 80% reported in 2016, while during the same period total housing stock increased by only 0.4%.