Irish house prices less than half of 2007 peak

Residential property prices fell by 16.3 per cent year-on-year in Ireland, according to the Central Statistical Office. The drop compares favourably with the annual decrease of 17.8 per cent in February, as the rate of decline begins to slow in the country's turbulent housing market.

Indeed, on a monthly level, residential property prices remained unchanged in March, indicating more stability after February's 2.2 per cent drop in value and the 1.7 per cent recorded in March last year.

In Dublin residential property prices actually rose by 0.7% in March, a strikingly positive sign, despite still being 18.3% lower than a year ago. Dublin house prices increased by 0.7% in the month and were 18.4% lower compared to a year earlier. Dublin apartment prices were 18.9% lower when compared with the same month of 2011.

Outside of Dublin, prices continued the market's steady decline, with the average residential value falling by 0.6% in March. Again, however, this shows a slower rate of decline when compared to the drop of 1.5% in March last year.

House prices in Dublin are 55% lower than at their highest level in early 2007. Apartments in Dublin are 61% lower than they were in February 2007. Residential property prices in Dublin are 57% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 45%. Overall, the national index is 49% lower than its highest level in 2007.