Property prices down by 40% average since peak: Official figures
Property prices in Dublin have now fallen by almost half since their peak four years ago, according to the Central Statistics Office.
A new price index also shows prices fell sharply in the first months of this year, at a rate not seen since the summer of 2009.
This is the first time a national price index has been published. It used actual drawdowns of mortgages from banks and prices paid to calculate price fluctuations.
It has data from 2005.
Prices from the 2007 peak in Dublin have fallen by 47%, with houses down by 45% and apartments by 52%.
The drop from peak in the rest of the country is 35%.
In the early months of this year prices fell by the biggest amount for nearly two years.
Niall O'Hanlon from the CSO said: "The consistent decline began in December 2007, and accelerated in 2009 and early 2010."
Goodbody Stockbrokers Economist Dermot O'Leary says the index shows the downturn may be over, but only in Dublin.
"There is still a big over-supply (outside Dublin), particularly in the midlands," he said.
