Residential property prices in Ireland increased by 8% over the 12 months to the end of February, fresh figures from the Central Statistics Office Show (CSO).

The rise compares with an increase of 7.6% in January and a hike of 14.9% recorded in the 12 months to the end of February last year.

Home prices showed no change in the month of February.

Property prices in Dublin are now 35.1% lower than at their highest level in early 2007, following a 0.1% fall in values in February. Prices in the city are now 4% higher than a year ago.

The price of residential properties outside Dublin rose by an average of 0.1% in February compared with no change in February of last year. Prices were 11.5% higher than in February 2015.

The average price of a home in the Rest of Ireland is now 35.2% lower than their highest level in September 2007. Overall, the national index is 33.8% lower than its highest level in 2007.

“A lack of supply of houses has clearly pushed up prices, particularly in the Dublin area in the past three years, but it is not something that can be rectified overnight,” Merrion Stockbrokers said. “But one would expect an improvement on this front over the next year or two, keeping prices down as a result.”