This compares with a decrease of 0.7% recorded in January and a decrease of 1.5% recorded in February of last year.
In the year to February, residential property prices at a national level, increased by 8.1%. This compares with an increase of 6.3% in January and a decrease of 2.6% recorded in the twelve months to February 2013.
In Dublin residential property prices fell by 0.6% in February and were 13.3% higher than a year ago. Dublin house prices fell by 0.6% in the month and were 13.6% higher compared to a year earlier. Dublin apartment prices were 10.5% higher when compared with the same month of 2013. However, it should be noted that the sub-indices for apartments are based on low volumes of observed transactions and consequently suffer from greater volatility than other series.
The price of residential properties in the Rest of Ireland (i.e. excluding Dublin) rose by 0.9% in February compared with a decrease of 2.1% in February of last year. Prices were 4.2% higher than in February 2013.
House prices in Dublin are 48.5% lower than at their highest level in early 2007. Apartments in Dublin are 54.5% lower than they were in February 2007. Residential property prices in Dublin are 50.0% lower than at their highest level in February 2007. The fall in the price of residential properties in the Rest of Ireland is somewhat lower at 46.4%. Overall, the national index is 46.7% lower than its highest level in 2007.