Residential property prices have fallen by 40 per cent since the peak in 2007, a new index from the Central Statistics Office said today.

According to the CSO, home prices were at their highest level in mid-2007 nationally, while Dublin peaked at the beginning of the second quarter of 2007.

In Dublin, prices have declined by 47 per cent while the rest of the State saw a fall of 35 per cent.

In particular, the property crash has hit Dublin apartments, which have lost about 52 per cent of their value since February 2007. This compares to a 51 per cent decline nationally.

The index, which looks at property on a national level, shows property prices declined by 11.9 per cent over the 12 month period to the end of March, compared with 10.8 per cent in February and a fall of 15.1 per cent that was seen in the year to March 2010.

Over the month, prices were down 1.7 per cent, steady from February and steeper than the 0.4 per cent decline recorded in the same month last year.

Property prices in the capital fell by 1.8 per cent in March, and 13 per cent compared to the same period a year earlier. Prices for apartments were worse affected than houses, dipping by 2.8 per cent in the month and 13.3 per cent year on year, compared to a fall in house prices of 1.6 per cent in the month and 12.9 per cent over the year.

Throughout the rest of the country, residential property prices fell by 1.5 per cent on a monthly basis, compared 0.7 per cent in the same month in 2010. On a yearly basis, prices were 11 per cent lower.

The new index provides data from the beginning of 2005 to March 2011, and will be published on a monthly basis from now on.

The CSO said the new index fills a gap in property market research and is based on drawdowns of mortgages reported by eight leading lenders over the last four years.

It said it could not put a figure on the actual price paid for a home as there are too many variables to record an average. The calculations are based on mortgages approved and drawdown, and the values of homes according to variations such as size, bedrooms and location.

The index also meets Ireland’s obligations under European law to publish price changes on a quarterly basis which can be compared with other states.

The Construction Industry Federation said the index showing percentage changes does not go far enough and repeated calls for an official price register.

Spokesman Hubert Fitzpatrick said a National House Price Register would provide information on each house sale iin the State and this information should be made freely available to the public. "People could then make informed choices about their purchases whilst the development industry would be in a position to make informed choices around land and input costs.”