Residential property prices fell by 2.6% in the year to February. But new figures show the rate of decline has slowed from 17.8% over the previous 12 months and from 3.3% in January.

The Central Statistics Office (CSO) statistics show Dublin residential property prices fell by 0.3% in February but they were 3% higher than a year ago.

House prices in Dublin are 55% lower than at their highest level in early 2007. Meanwhile the price of apartments in the capital is 59% lower but were 7.8% higher when compared with the same month of 2012.

Overall decline

The price of homes outside Dublin fell by 2.1% in February compared with a decline of 3% in February of last year. Overall homes outside Dublin are 49% cheaper now than at the height of the property boom.

The CSO says the national index is now 51% lower than its highest level back in 2007.