Property prices have fallen 9.4 per cent in the past 12 months, new figures showed today.
The latest figures are a slight improvement on the 9.7 per cent decline that was recorded in the 12 months to June.
However, house prices have fallen 5.2 per cent since the start of the year, compared to a fall of 3 per cent to July 2007, the permanent tsb/ESRI House price index found.
The average price for a house in Ireland in July was €272,946, compared to €287,887 in December 2007 and €302,605 a year ago.
The rate of decline slowed in July, however, with property prices falling 0.2 per cent compared to 0.6 per cent a month earlier.
Experts greeted the news cautiously, warning that fewer property transactions are conducted during summer months.
"Transaction volumes were light during the summer and it's likely that this was a factor in the very low decline in average prices during July," said Niall O'Grady of permanent tsb.
House prices in Dublin suffered more, falling 0.6 per cent compared to 0.4 per cent in the rest of the country. In the past 12 months, property values have fallen 8.2 per cent in Dublin, compared to 8.5 per cent elsewhere in the country. The first seven months of the year has seen prices in the county fall 5.1 per cent, compared to 5.5 per cent for the rest of the country. In 2007, prices fell 3.8 per cent and 3.4 per cent respectively.
The average house in Dublin now costs €377,316, compared to €235,622 elsewhere in Ireland.
The commuter counties of Louth, Meath, Kildare and Wicklow were also affected by falling prices, losing 1.2 per cent in value during the month. Year on year, houses in the counties have fallen 9.4 per cent in value, and 7 per cent in the first seven months of 2008.
