New figures show that the pace of the fall in house prices accelerated in January.
Average house prices dropped by 1.4% in the month, according to the house price index compiled by Permanent TSB and the ESRI. This compares with a 0.9% fall in December and 0.5% in November.
Over 12 months, the decline was 9.8%. The average price paid for a house in January was €258,006.
Permanent TSB's Niall O'Grady said the heavier fall in January was due to bigger price cuts as builders attempted to clear the existing stock of houses.
House prices in Dublin fell by 1.4% in January, while the fall was 0.6% for houses outside Dublin. House prices in the commuter countries around the capital fell by 0.6%.
Prices for first-time and second-time buyers dropped by 0.8% and 1.9% respectively. New house prices were down 1.3%, while prices of existing houses fell by the same amount.
