Property prices in Dublin city have decreased by an average of €7,500 in the first three months of the year - according to the REA Average House Price Index for Quarter 1.
The average house prices across the country rose by 2.9% over the past year - a drop on the 4.6% recorded to December.
The price of a three-bed semi-detached house in Dublin city has fallen by -1.7% since the end of December, wiping out the average €7,000 gains in value experienced throughout 2018.
For a three-bed semi-detached house in the capital’s postcode districts now stands at an average price of €437,500.
"Time taken to reach sale agreed in Dublin is now eight weeks - double that of a year ago - and reflects the difficulties that people are experiencing in obtaining a mortgage," said REA spokesperson Barry McDonald.
"We are seeing an appreciable drop in people attaining mortgage approval – particularly for properties above €350,000 – which is creating a ceiling that is stifling the market."
The average semi-detached house nationally now costs €235,898 - a fall of -0.16% on the Q4 2018 figure of €236,287.
While there were rises in Kildare (1.1% to €276,500), prices fell in Wicklow (-0.7% to €289,000) and Louth (-3.6% to €202,500).
