R>Residential property prices in Ireland have increased on a monthly basis for the last three months but in the year to the end of September they have fallen overall by 9.6%.

The monthly data from the Central Statistical Office show that prices rose 0.9% in September. This follows a 0.5% rise in August and a 0.2% rise in July.

The annual rate of decline is also falling and was 9.6% last month compared with 11.8% in August and a decline of 14.3% recorded in the twelve months to September 2011.

Dublin is leading the price recovery. Prices in the city rose by 2.4% in September and were 9.8% lower than a year ago. Dublin house prices increased by 2.6% in the month but were 10.6% lower compared to a year earlier while apartment prices were 8.8% lower when compared with the same month of 2011.

The price of residential properties in the rest of Ireland fell by 0.1% in September compared with a decline of 1% in September last year. Prices were 9.9% lower than in September 2011. It means that house prices in Dublin are 55% lower than at their highest level in early 2007 and apartments in Dublin are 63% lower than they were in February 2007.

Overall residential property prices in Dublin are 56% 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%. Overall, the national index is 50% lower than its highest level in 2007.