PROPERTY PRICES IN Ireland have continued their downward spiral, dropping 15.6 per cent in the past year.

In the last month alone, residential property prices fell by 1.5 per cent.

The figures from the Central Statistics Office (CSO) show that prices are now almost half what they were during the boom years – a massive 46 per cent lower than their peak in 2007.

The government this month introduced a range of measures in the Budget to encourage people to buy property in an attempt to stimulate the market.

Residential property prices in Dublin are now 17.6 per cent lower than they were one year ago – and a massive 54 per cent lower than at their highest level in early 2007.

Apartments in Dublin are 58 per cent lower than they were in February 2007, while houses are down 52 per cent.

At a glance: the fall in residential property prices

Ireland:

• This year: -15.6 per cent
• This month: -1.5 per cent
• Drop since 2007 peak: 46 per cent

Dublin:

• This year: -17.6 per cent
• This month: -1.4 per cent
• Drop since 2007 peak: 54 per cent

Rest of Ireland:

• This year: -14.5 per cent
• This month: -1.6 per cent
• Drop since 2007 peak: 42 per cent

Bank of Ireland to make €1.5 billion available for mortgages >