Residential property prices fell by 16.7% in the year to December, according to the Central Statistics Office (CSO) Ireland.

This compares with an annual rate of decline of 15.6% in November and a decline of 10.5% recorded in the year to December 2010.

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In Dublin residential property prices dropped by 2.4% in December and were 19.3% lower than a year ago. Dublin house prices decreased by 3.0% in the month and were 19.9% lower compared to a year earlier.

The price of residential properties in the rest of Ireland, excluding Dublin, fell by 1.1% in December compared with a decline of 0.5% in the same month last year.

Prices were 15.1% lower than in December 2010.

(CD/GK)