Ireland's residential property prices have fallen by 1.6% in August, so say figures released by the Central Statistics Office (CSO).

The CSO's monthly Residential Property Price Index revealed that overall house prices have fallen by 13.9% in the year to August.

This compares with an annual rate of decline of 12.5% in July and a decline of 10.8% in 2009/2010.

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A particularly sharp fall in residential property can bee seen in the prices of apartments in Dublin.

Apartment prices in Dublin fell by 6% in August, compared to a 3.4% fall for house prices.

They are now down 18.3% on the year.

Indeed the decline in residential property prices was sharper in Dublin, down 3.8% on the month, compared with 0.3% outside Dublin.

The figures indicate that residential property prices are down 40% since the height of the property boom in 2007.

(LB/BMcC)