Residential property prices in Ireland have increased by an average of 7.4% in the past 12 months, official figures show.

Figures released by the CSO show that although there has been an increase, the rate has slowed from a rise of 8% in February.

Average residential property prices increased by 0.3% in the month of March, compared with no change recorded in February and an increase of 0.9% recorded in March of last year.

In Dublin, residential property prices increased by 0.9% in March and were 3.9% higher than a year ago.

Dublin house prices increased by 4.1% compared to a year earlier, while apartment prices were 1.6% higher.

The price of residential properties in the Rest of Ireland decreased by 0.2% in March compared with an increase of 0.7% in March of last year.

House prices in Dublin are 34.3% lower than at their highest level in early 2007, with residential properties in the Rest of Ireland is 35.4% lower than peak.