This compares with an annual rate of decline of 17.4% in January and a decline of 10.8% recorded in the twelve months to February 2011.
On a monthly basis residential property prices fell by 2.2% compared with a decline of 1.9% recorded in January and a decline of 1.7% in February of last year.
This shows there is no let up in the continual fall in prices and means that a recovery in the Irish property market is some way off. It is Dublin that is taking the brunt of the price crash.
In Dublin residential property prices fell by 1.2% in February and were 20.3% lower than a year ago. Dublin house prices decreased by 0.7% in the month and were 20.2% lower compared to a year earlier. Dublin apartment prices were 22.9% lower when compared with the same month of 2011.
The price of residential properties in the rest of Ireland fell by 3% in February compared with a decline of 1.5% in February last year. Prices were 16.4% lower than in February 2011. House prices in Dublin are now 56% lower than at their highest level in early 2007.
Apartments in Dublin are 62% lower than they were in February 2007. Residential property prices in Dublin are 57% lower than at their highest level in February 2007.
The fall in the price of residential properties in the rest of Ireland is somewhat lower at 45%. Overall, the national index is 49% lower than its highest level in 2007.
