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CSO figures show new drop in property prices

Residential property prices fell by 1.1% nationally last month, new figures from the Central Statistics Office have shown.

Despite the cost of buying property rising in Dublin between March and May, the figures for June show prices declined in the capital by 1%.

The cost of residential property, excluding the capital, also fell by 1%.

In the 12-month period up to June, prices fell by 14.4% nationally.

This brings the overall decline nationally to 50% since the peak of the market, which the CSO estimates as having been in 2007.

House prices are 56% lower in the capital and apartment prices are down 62% since the peak.

Residential property prices in the rest of Ireland are now 47% lower than the peak.

Many analysts had suggested that recent price rises in Dublin were an indicator that the market had bottomed out, but academics have cautioned that prices would need to show signs of stabilisation for at least six consecutive months to establish a definite trend in this regard.