The Irish Auctioneers and Valuers Institute has reaffirmed much-mooted predictions that property prices in Dublin fell by 15% last year.

A survey by the institute also found a significant drop in commercial rental costs.

Members reported an average house price decrease of 15% in the capital city.

This figure, coupled with the 10% reduction in 2007, would suggest prices have slumped by around 25% from their 2006 peak.

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Outside of the capital, the survey showed new houses losing about a fifth of their value from their peak price.

Second hand homes have also suffered from the property market slump. Around 18% was wiped off prices in Dublin last year, with areas such as Leinster reporting 15% falls.

Apartments have not faired well in the price cuts either, with both new and old builds costing 20% less in the market.

Rents and office space cost have dipped, with prime retail rents per square meter in Dublin having fallen by around €600 over the last year, according to the survey.

(PR/KMcA)