Some €15.8bn (£12.3bn) worth of residential and commercial property in Ireland was transacted in 2015, up 6% on the previous year, new figures show.

The research, compiled by DTZ Sherry FitzGerald, reveals that Dublin accounted for the majority of capital inflows into property, at €8.9 billion (£6.9bn), as the market continues to strengthen.

The recovery in the property market in Dublin has now rippled out to many other parts of the country, with the value of property transactions outside of Dublin having increased by 28% during 2015.

Siobhán Corcoran, associate director with DTZ Sherry FitzGerald Research, said: “Activity was bolstered by a strong performance in the regional centres, most notably Cork and Galway. The value of transactions in Cork rose to €1.4bn [£1.09bn] in 2015, up from €1bn [£776m] in 2014. Furthermore, 2015 saw continued strong performance recorded in the Dublin commuter belt counties of Meath, Kildare and Wicklow.”

In terms of sector performance, the research found that the residential market absorbed 68% of the overall capital spend and the commercial sector accounted for 32%.

Individual house sales accounted for 93% of activity in the residential sector, with the residential/multifamily sector standing at 7%, or €747m (£580m) in 2015, while capital values in the residential market increased by 13% year-on-year.