Official figures show that prices of houses and apartments across the country fell at their fastest annual rate in almost two years last month.
The Central Statistics Office said residential property prices dropped by 16.7% in the year to December, the biggest annual fall since February 2010.
There was a 1.7% decline during the month of December after a 1.5% drop in November. Prices nationally are now 47% below peak levels reached in early 2007.
In Dublin, residential property prices fell by 2.4% in December and were 19.4% lower than a year ago. Dublin house prices fell by 3% in the month and were 19.9% lower compared with a year earlier. Dublin apartment prices were 15.6% lower when compared with the same month of 2010, though they rose by 1.3% in December - the second monthly rise in a row.
Prices of residential properties in the rest of Ireland dropped by 1.1% in the month, giving an annual fall of 15.1%.
The CSO says house prices in Dublin are 54% lower than their peak level in early 2007, while Dublin apartment prices are 58% lower than in February 2007. The fall in residential property prices in the rest of Ireland is lower at 43%.
