Property prices in Ireland have increased by 6% over the past 12 months and more than 15% in Dublin, according to data published by the Central Statistics Office (CSO).

However, industry experts have cautioned that the market is still dysfunctional, with low levels of transactions and a shortage of supply in some areas putting unrealistic pressure on prices in some urban areas.

The annual rise does not compensate for the decrease in national prices of 8.1% recorded in the 12 months to October 2012 though.

Broken down by property type, house prices in Dublin are up 14.6%, while apartment prices increased faster, up 18% on a year ago.

However, house prices in Dublin are still 48% lower than they were at their highest level in early 2007 and apartment prices in the capital are still down 56% from their peak in February 2007. Nationally, prices are still down 47% from their peak.