A rise in property prices accelerated particularly in the last quarter of last year, the Central Bank said today.

It said that according to its index of advertised property prices, the prices increased by an average of 2.1 per cent last year after having risen by 0.5 per cent in the previous year.

The rate was negative in the first quarter (which coincided with the elections), then turned positive in the second quarter and accelerated in the second half of the year, particularly between October and December  (coinciding with the Budget).

Maisonette prices rose by 6.3 per cent, apartments by 1.5 per cent and other properties, by around 4%.

Advertised properties declined by 7.5 per cent last year.

The bank said a drop in construction activity last year was shown by the fact that the total number of permits issued for dwellings dropped to 2,705 from 3,064 in 2012.

2,062 permits were issued for apartments (2012 = 2,489). There were 350 permits for maisonettes (298) and 209 for terraced houses (202). 84 permits were issued in the 'other' category (75).