The average house price dropped by almost €50,000 last year, a fall of 18.5%, according to new figures released today.
The house price index compiled by Permanent TSB and the Economic and Social Research Institute shows that falls in prices accelerated as the year went on, with a drop of 3.6% in December alone.
The 18.5% fall in 2009 compares with a fall of 9.1% in 2008.
At the end of last year, the average house price was €213,183, compared with €261,573 at the end of 2008.
The index shows that prices have fallen by 31.5% since the peak in February 2007.
Permanent TSB's Niall O'Grady described 2009 as a 'horrendous' year for the housing market, due to 'shattered' confidence, oversupply and a weakening economy.
He said an 8.5% fall in prices in the last quarter of the year was more than twice as big as the drop in any other quarter since prices started falling.
