This compares with an increase of 6.3% in January and a decrease of 2.6% recorded in the 12 months to February 2013 and is regarded as showing how the Irish property market has moved into recovery mode.
On a monthly basis property prices rose by 0.1% in February and this compares with a decrease of 0.7% recorded in January and a decrease of 1.5% recorded in February of last year.
But the recovery is still fragile as shown by the fact that in Dublin residential property prices fell by 0.6% in February although they are still 13.3% higher than a year ago.
Dublin house prices fell by 0.6% in the month and were 13.6% higher compared to a year earlier wile apartment prices were 10.5% higher when compared with the same month of 2013.
But the index report says it should be noted that the sub indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the rest of Ireland increased 0.9% in February compared with a decrease of 2.1% in February of last year. Prices were 4.2% higher than in February 2013.
The latest data also shows that house prices in Dublin are now 48.5% lower than at their highest level in early 2007 while apartments in the city are 54.5% lower than they were in February 2007.
Overall residential property prices in Dublin are 50% lower than at their highest level in February 2007 but the fall in the price of residential properties in the rest of Ireland is somewhat lower at 46.4%.
