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Property prices fall 16.7pc in year to December

PROPERTY prices fell 16.7pc in the year ended December 2011, according to the latest Central Statistics Office figures.

Residential property prices in Dublin are now 55pc lower than the peak in 2007 while for the rest of the country the drop is 43pc.

The drop in prices for the year ended December 2011 is higher than that for the previous year of 10.5pc.

Prices fell by 1.7pc in the month of December.

In Dublin, they dropped by 2.4pc at the end of last year and were 19.3pc lower than a year ago.

Apartment prices were 15.6pc cheaper than the same month in 2010.

Excluding Dublin, prices were 1.1pc down in December.