Free falling property prices on the Irish market show no sign of stopping yet, after economists responded to new figures which showed prices are actually falling at a faster pace.

Overall property prices fell 2.2 percent last month according to the Irish Central Statistics Office (CSO).

The Irish Independent reports that the average house is now changing hands for around $213,000. Prices were down 18 percent in the past 12 months the latest figures revealed.

Separate figures published this week show that the amount of money home owners borrowed for new mortgages has declined for the eighth quarter in a row.

The lack of lending from institutions is seen as one of the main reasons property prices keep falling sharply and Dublin prices are dropping at a much sharper pace than the rest of the country, the figures reveal.

Apartment prices in the Irish capital fell by 6.3 percent in February, and are now down 23 percent over the last year.

Outside Dublin, the average price of a property is $196,000, down from $357,000. This is a decline of 45 percent, and compares with a decrease of 49 percent for the country as a whole.

Cathal Mac Coille of Davy Stockbrokers told the Independent he expected prices to eventually fall by 65 percent to 70 percent from their peak levels.