Residential property prices in Ireland fell by 3% in the 12 months to March 2013, slightly more than in the previous month, the latest data from the Central Statistical Office (CSO) shows.

This compares with an annual rate of decline of 2.6% in February and a decline of 16.3% recorded in the 12 months to the end of March 2012, according to the figures.

On a monthly basis property prices fell by 0.5%, less than the 1.5% fall recorded in February. Prices were unchanged in the month of March last year.

In Dublin residential property prices fell by 0.8% in March but were 1.4% higher than a year ago. Dublin house prices fell by 0.3% in the month but were 1.5% higher compared to a year earlier. Dublin apartment prices were 2.2% lower when compared with the same month of 2012.

However, the CSO said that 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.

Overall, apartment prices in Dublin are still down by 62% compared to their peak in March 2007, while house prices in the city are down by 55% over the past six years also.