In the year to May, residential property prices at a national level, fell by 15.3%, according to the Central Statistics Office (CSO).

This compares with an annual rate of decline of 16.4% in April and a decline of 12.2% recorded in the twelve months to May 2011.

Residential property prices grew by 0.2% in the month of May. This compares with a decline of 1.1% recorded in April and a decline of 1.2% recorded in May of last year.

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In Dublin residential property prices rose by 0.2% in May but were 17.5% lower than a year ago. Dublin house prices increased by 0.5% in the month but were 17.7% lower compared to a year earlier. Dublin apartment prices were 16.3% lower when compared with the same month of 2011.

The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 0.1% in May compared with a decline of 2.1% in May last year. Prices were 14.2% lower than in May 2011.

(CD/GK)