A report from property website Daft.ie says asking prices for homes dropped by almost 6% in the second quarter of this year, leaving prices 19% lower compared with the same time last year.
The report says Dublin's city centre was worst hit, with prices falling 11% in the past three months alone. In Cork and Limerick cities, the drops were 4% and 6% respectively.
In Galway and Waterford cities, prices fell by just over 2% in the quarter. The average fall in prices outside the main cities was 4.8%.
The Daft report is based on an analysis of properties posted on its website. The website says the average time a property spends on the market is now more than seven months, compared with only six weeks during the peak of the property boom.
Daft.ie economist Ronan Lyons said the large price drops in Dublin over the past year appear to be having an effect on the level of property transactions in the capital. 'Over the past three months, the percentage of properties coming off the market in Dublin has risen steadily, suggesting that if properties are priced correctly, they will sell,' he said.
