The latest figures from the Central Statistics Office show that falls in house prices gathered pace in June.
The CSO's residential property price index showed that house prices fell by 2.1% in June, the biggest monthly fall for two years. This meant house prices in June were 12.9% lower compared with the same month last year, the biggest annual fall for more than a year.
According to the CSO, national house prices have fallen by 42% since the peak in 2007.
After a slight rise in May, property prices in Dublin fell 2.4% in June and were down 12.6% over 12 months. In the rest of Ireland, property prices dropped 1.9% in June, with prices 13% lower than in June last year.
House prices in Dublin are now almost 47% lower than at their highest level in early 2007. Apartment prices in Dublin have fallen by 54% from their peak in February 2007. Outside of Dublin, the fall from the peak is 39%.
The CSO's residential property price index is designed to measure the change in the average level of prices paid for residential properties sold in Ireland.
The index is mix-adjusted to allow for the fact that different types of property are sold in different periods and starts from 2005.
