Residential property prices in Ireland increased by 2.8% in the year to May 2019, well below the annual rise of 12.4% recorded in the same month in 2018, the latest official figures show.

The housing market has slowed markedly in Dublin where prices increased by just 0.6% year on year with house prices up 0.4% and apartments rising by 0.8%. The highest house price growth in Dublin was in South Dublin at 4%, while in Dun Laoghaire-Rathdown prices decreased by 2.6%.

In the rest of Ireland prices were up 5.1% year on year with houses and apartments both up by 5.2%. The largest rise in property prices was the Border region at 15.2%, while the smallest rise was recorded in the Mid-East at 0.5%.

Overall, the national index from the Central Statistics Office (CSO) is 18.2% lower than its highest level in 2007. Dublin prices are 21.9% lower than their February 2007 peak, while prices in the rest of Ireland are 21.8% lower than their May 2007 peak.

Property prices nationally have increased by 82.6% from their trough in early 2013. Dublin prices have risen 93.4% from their February 2012 low, whilst prices in the rest of Ireland are 79.9% higher than at the trough, which was in May 2013.

Nationally the median price paid was €251,000 in the 12 months to May 2019 with the highest in the Dublin region at €366,000. Within the Dublin region, Dún Laoghaire-Rathdown had the highest median price at €538,000, while Fingal had the lowest at €334,999.

The highest median prices outside Dublin were in Wicklow at €315,000 and Kildare at €295,000, while the lowest price was €100,000 in Leitrim.