PROPERTY PRICES in Ireland are continuing their slow decline, according to the latest figures compiled by the Central Statistics Office.

The latest data for residential prices shows a fall of 0.5 per cent in March, with the average home worth 3.0 per cent less at the end of last month than it was a year earlier.

The steepest drop was in the price of apartments in Dublin, which fell by 7.2 per cent last month, and are now 2.2 per cent lower than a year ago.

The CSO warned, however, that the low volume of apartments sold in the capital last month could skew the figures and make them appear more volatile.

Houses in the capital fared somewhat better, falling by 0.3 per cent, but are still 1.5 per cent higher than they were this time last year.

Outside Dublin, houses fell in value by 0.3 per cent, and are down by 4.0 per cent over the last year.

In all, houses in Dublin are 55 per cent lower – and apartments 52 per cent lower – than their peak prices in early 2007.

In the rest of the country, the average home is now worth just 51 per cent of its peak price.