There was virtually no change in house prices between January and February and the annual increase has fallen to 5.4%, according to new figures from national statistics agency CBS.

At the same time, the number of completed transactions was up by 8%, the CBS said on Monday. The figures are based on deals which have been finalised and registered with the Kadaster land registry office.

The rise between January and February was just 0.1 percentage point, while the annual rise was unchanged in January. The average transaction price, according to the CBS calculations, is now just under €490,000.

The Kadaster said last month that first-time buyers have benefited from the surge in sales by landlords in the bigger towns and cities because of the introduction of new rent controls.

According to land registry figures, they paid an average of €124,000 less for an ex-rental property in one of the big four cities because former rental homes are relatively small and have a lower energy label.

Experts suggest the wave of sales will wind down in July, when the last of the two-year rental contracts expire. Two years ago, a ban on short-term contracts came into force and small private landlords have reduced their properties by roughly 40,000 units since then.