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Prices nationwide fell 0.5% annually in July, according to the Central Bureau of Statistics.
It was the first annualized decline since May 2013, economists said.
In the month of July, prices rose slightly, by 0.3%, the statistics revealed.
However, there was a sharp drop in the number of transactions in the month.
Prices had remained stable until now despite the chaos caused in the economy by the pandemic.
Prices had risen in April and May, but had been flat in June.
Experts said that the impact of the coronavirus on the market took a while to take effect, since the price index is based on stamp tax returns, and it may take a while for lawyers to send them to the Treasury.
In Dublin, residential property prices experienced a 1.3% drop in the year to July, according to
When Dublin is excluded, prices rose 0.2% in the year to July, and prices for houses and apartments rose.
The region outside of Dublin that saw the largest increase in house prices was the Southwest at 4.3%. At the other end of the scale, the southeast experienced a 1.6% decline.
In July, 2,561 purchases of family homes were registered in the Treasury. This represents a decrease of 41% compared to July of last year.
The total value of the operations registered in July was 767 million euros.
Households paid an average price of € 259,000 for a home in the 12 months to July 2020.
The Dublin region had the highest average price at € 375,000.
Within the Dublin region, Dún Laoghaire-Rathdown had the highest average price at € 530,000, while South Dublin had the lowest at € 347,500.
The highest average prices outside Dublin were in Wicklow at € 335,000 and Kildare at € 305,011, while the lowest price was € 108,000 in Leitrim.
Online editors
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