House prices in Ireland have dropped by almost 50 percent since 2007Google Images

The latest figures from Ireland’s Central Statistics Office (CSO) indicate that the prices have dropped by 14.3 percent in the past year.

The results show that during the month of September house prices dropped by 1.5 percent and nationwide the drop in house prices have been 11.1 percent in the past 12 months.

Since the highest level in Ireland’s property market, 2007, house prices in Ireland are now 49 percent lower. In Dublin residential property prices have fallen by 59 percent.

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Earlier this year the comprehensive index issued by the CSO gave detailed data by type of property and geography. The results show that residential properties in the capital suffered more than those outside Dublin. Apartment prices have also continued to drop. These results were mirrored in the last month’s results.

Dublin residential properties fell by 2.1 percent in September. Prices in Dublin are now down by 15.6 percent on this time last year.

Outside Dublin prices fell by one percent in September. This means prices are now 13.2 percent lower than they were in 2010.