Average residential property prices fell by 1.5% last month, the Central Statistics Office revealed today.
Prices were 2.6% lower when compared to February 2012.
The annual rate of decline has slowed however, from a rate of 3.3% in January, and from a rate of 17.8% over the previous 12 months to February 2012.
The monthly rate of decline has increased however, from 0.6% recorded in January to today's figure of 1.5%.
In Dublin, residential property prices fell by 0.3% in February, but were 3% higher than a year ago.
Dublin house prices fell by 1% in the month, but were 2.5% higher compared to February 2012.
Dublin apartment prices were 7.8% higher when compared with the same month of 2012.
However, the CSO warned that "sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series".
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) fell by 2.1% in February compared with a decline of 3% in February last year.
Prices were 6.1% lower than in February 2012.
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 56% lower than at their highest level in February 2007.
The fall in the price of residential properties in the Rest of Ireland is at 49%.
Overall, the national index is 51% lower than its highest level in 2007.