Residential property prices at a national level fell by 17.4% in the year to January, the latest figures from the Central Statistics Office have shown.
This compares with an annual rate of decline of 16.7% in December and a decline of 10.7% recorded in the 12 months to January 2011.
Residential property prices fell by 1.9% in the month of January. This compares with a decline of 1.7% recorded in December and a decline of 1.1% in January of last year.
In Dublin residential property prices fell by 4% in January and were 21.1% lower than a year ago. Dublin house prices decreased by 4.1% in the month and were 21.7% lower compared to a year earlier. Dublin apartment prices were 18.4% lower when compared with the same month of 2011.
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 0.7% in January. A similar rate of decline was recorded in January last year. Prices were 15.1% lower than in January 2011.
House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 59% lower than they were in February 2007. Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 43%. Overall, the national index is 48% lower than its highest level in 2007.