Up to 40% of homes bought in Ireland are paid for without a mortgage, according to figures from the Property Price Register.
They show that the average price of a house sold in the third quarter of this year was just over €235,000 - a 12% hike on the previous three months.
The number of properties changing hands increased in all counties except Sligo between July and September.
Figures in the Irish Independent also show a spike in the number of homes worth more than €1 million being sold.
140 properties worth more than a million euro changed hands in the third quarter, compared to 153 for the entire first half of the year.
The most expensive property was Sorrento House in Dalkey, which sold for €10 million at the end of August.
However the figures also indicate that there continues to be a shortage of new homes across all areas of the country.
Fewer than 9,000 new homes were completed in the first nine months of the year according to Department of Environment figures - and it is suggested that between 18,000 and 25,000 a year would be required to keep price levels sustainable.
