Residential property prices fell by 2.6 percent in the year to February.
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But the new figures from the Central Statistics Office show that the rate of the decline has slowed dramatically from 17.8 percent over the previous 12 months, and from 3.3 percent in January.
The price of homes outside Dublin fell by 2.1 percent in February, compared with a decline of 3 percent in February last year.
Chief Economist with KBC Bank Austin Hughes says it seems prices are bouncing along the bottom.
