House prices could rise by 20% over the next two years, a new report has warned.
Think-tank the ESRI says costs will return to their Celtic Tiger peak by 2020.
It is blaming our improving economy and slow building rate.
However, the report also claims the market's not overheating.
The report notes that the 'price-to-rent ratio' - meaning the price of a house compared to the annual cost of renting it - is higher for Dublin than the rest of the country.
However, the Dublin ratio is still 'at the lower end' in comparison to many major cities in the US.
Figures released earlier this month showed that property prices in Dublin had risen by 87% since their lowest point during the recession in 2013.
Kieran McQuinn - who wrote the latest report - says the cost of housing could impact on our competitiveness.
He explained that housing is a key indicator for cost of living - and argued that if that continues to increase, it will become more difficult to convince people to move to Ireland and cities such as Dublin.