The price of property in Ireland has fallen more than three times over the past decade, according to a new report.

The index of real estate prices published on Monday found that the average price of a home in the country has fallen by almost 25 per cent in the past five years, from an average of €1.5m in 2016 to €1,099,500 in 2018.

The report also said the number of people purchasing homes in Ireland fell by more than 20 per cent between 2016 and 2018.

While the number buying homes in the capital fell by 1,000 in the same period, it was the number renting homes that dropped by nearly a third.

“The number of new dwellings in Dublin fell by 10,000, while the number in the rest of the country rose by almost 11,000,” the report said.

“There are now over 1.5 million households renting.”

The report did not say exactly how much was lost in value, but it said that a number of factors were responsible.

“While it is possible that many of the losses were due to changes in house prices, it is likely that the overall economic and financial situation has been negatively impacted by the current economic uncertainty,” it said.

While property prices are rising in Dublin, it’s the number who are renting that is rising, it added.

A further 1.2 million households were living in housing that had been purchased by foreign investors in the last year, while 1.4 million had been sold by their previous landlords.

The national total for the year was €1bn, down €500m from the year before.