House price inflation continues to slow as higher interest rates and mortgage costs dampen demand.
The latest Residential Property Price Index from the Central Statistics Office (CSO) showed prices rising at an annualised rate of just 1.5 per cent in July.
This was the lowest level of price growth recorded in almost three years and comes on the back nine straight interest rate hikes from the European Central Bank.
Prices in Dublin fell year-on-year by 1.4 per cent in July, the sharpest rate of decline reported since November 2020.
Prices outside Dublin continued to rise at an annual rate of 3.8 per cent.
Commenting on the figures, Ian Lawlor, managing director of property finance firm Lotus Investment Group, said the demand for housing continues to influence the market, driven by factors such as population growth and housing shortages.
"This suggests resilience in the market, leading many analysts to anticipate that prices will find equilibrium and stabilise at their current levels," Mr Lawlor said.
He added: "Ireland still faces huge housing challenges, from the availability of construction skills and labour, to material cost inflation and the added stresses put on the housing market with the arrival of thousands of Ukrainians displaced by the war. Lengthy delays in our broken planning system compound the issues even further."
