Property websites MyHome.ie and Daft.ie report that residential property prices continued to fall in the last three months of 2011. MyHome reported an annual rate of decline of 13% with Daft reporting a 18% fall.
MyHome.ie said that asking prices nationally are now down by 43% compared to the peak of the market in the third quarter of 2006. Dublin prices are down 50% over the same period.
Daft.ie says asking prices around the country fell by an average of 7.7% between September and December - the sharpest three-month fall in prices to date.
The property website said the 18% yearly fall was the same as in 2009 and that the average asking price for a residential property is now just over €175,000, 52% below the 2007 peak of €366,000.
Daft's new figures also outline the speed at which properties are selling around the country. In Dublin, about a half of properties put up for sale sell within six months, while in Connacht and Ulster, it takes a full year for the same proportion to sell.
Daft.ie's economist Ronan Lyons said that confidence and finance are central for the property market in 2012.
''It is vital to remember that recovery in the property market does not mean an increase in prices, it means an increase in transactions. This is ultimately down to the banks,'' he added.
