House prices rose 12.3% between July and September, when compared with last year, reaching an average of €473,000, according to new figures from real estate agents association NVM.

Far more homes were sold in the summer period than last year and there was a record number of apartments for sale as landlords pull out of the rental market, the NVM said in its latest quarterly report.

Despite the annual increase, the rise is only up 0.4% on the previous quarter and that means prices appear to be stabilising, the NVM said.

In total, nearly 37,000 homes changed hands during the summer period, and that is the highest number in four years.

In particular, the number of deals agreed on apartments was up 19%. This is partly down to landlords putting their properties on the market as soon as a tenant leaves or a contract expires. New regulations extending rent controls to most of the sector came into effect on July 1.

“But the increase is visible across all regions and price classes, with the biggest growth in the most expensive apartments,” the NVM said. “That shows that apartments remain an attractive option for a wide range of buyers.”

Some 30% of properties currently on the market are apartments, the highest figure since the NVM began its statistical analysis in 1995.

The figures reflect the experiences of estate agents who are members of the NVM, which represents around 70% of the market. They are also based on agreed rather than completed sales.