House prices in Dublin have fallen nearly 50 per cent since their peak in 2007, the Central Statistics Office has said.

According to the CSO’s Residential Property Price Index, house prices in the capital are 46 per cent lower than 2007, while apartment prices have fallen 53 per cent since their high in February 2007.

Nationally, residential property prices fell by 1 per cent in the month of April. This compares with a decline of 1.7 per cent recorded in March.

The index, which looks at property on a national level, shows residential property prices throughout the rest of the country are 36 per cent lower than their highest level in 2007. Overall, the national index is 40 per cent lower than its highest level in 2007.

Dublin apartment prices fell by 1.8 per cent in the month of April and were 14.1 per cent lower when compared with the same month of 2010, while house prices fell 0.7 per cent and were 12.6 per cent lower compared to a year earlier.

Property prices throughout the rest of the country fell by 36 per cent in the first three months of 2011, and were 11.7 per cent lower than in April 2010.

Dermot O'Leary, economist at Goodbody Stockbrokers, said the national average price for a house was €180,000, back to levels seen in early 2002.

"It is clear that an unprecedented correction has taken place, but until the banking sector shows real signs of rehabilitation, facilitated by the restructuring efforts currently ongoing, there is little reason to believe that prices will rise," he said.