I would now like to hand the conference over to Mr. Graham Curtin. Please go ahead.
Good morning and welcome, everyone. My name is Graham Curtin, General Manager of Group Reporting, and I'd like to thank you for joining REA Group's 2020 full-year results presentation. Today you'll hear from our CEO, Owen Wilson, and CFO, Janelle Hopkins. Owen will talk to the Group's financial performance, the Australian property market, and business highlights for the year. He'll then hand over to Janelle to talk to our financial results in more detail. As always, we'll be then happy to take your questions. With that, I'll hand over to Owen.
Thanks, Graham, and welcome, everyone. REA has delivered an excellent result given the unprecedented backdrop of events this year. Despite the challenging conditions, many highlights have been achieved, which are summarized on this slide and covered in more detail throughout the presentation. 2020 has been a year unlike any other. The catastrophic Australian bushfires and the devastating impact of the COVID-19 pandemic have created significant social and economic hardships. Before detailing our results, I'd like to sincerely thank all those who've worked tirelessly to support and protect our communities throughout the year and who continue to do so as we battle to control the impacts of COVID-19. I'd also like to recognize the efforts of REA 's employees.
I've been so proud of the way our teams have rallied together to deliver new products, features, and support measures to our customers and consumers, while at the same time looking out for each other. Our purpose to change the way the world experiences property has never been more evident. Looking at the results from core operations for the full year, revenue was AUD 820.3 million, a decline of 6%. EBITDA before share of associates losses was AUD 492.1 million, a decline of 5%, and NPAT was AUD 268.9 million, a decline of 9%. These results included a significant reduction in Q4 operating costs of 21%, with full-year costs down 9%. Board has declared a final dividend of AUD 0.55 per share, fully franked. This represents a total dividend of AUD 1.10 per share for the 2020 financial year, down 7%.
Pleasingly, despite these difficult operating conditions, REA Group increased our strong core EBITDA margin to 60%. Looking at market conditions, and as you can see on these charts, the Group's first-half performance in FY20 was impacted by significant declines in residential listing volumes and new project commencements. This was primarily due to the restrictive lending environment caused by the 2019 Financial Services Royal Commission. While we started to see signs of a recovery at the beginning of the second half of FY20, with national residential listings up midway through March, COVID-19 significantly impacted the real estate market in April and May. As COVID-19 restrictions eased across Australia in June, the market responded positively, with residential listings increasing, albeit coming off very low volumes in June last year and remaining well below pre-COVID levels. From a rent perspective, the businesses remained relatively stable, as you can see here.
Unsurprisingly, given the current environment, the commercial business has seen a significant drop in listings, as you can see on the graph on the bottom right of the slide. Despite weak tenant demand, we are not yet seeing signs of distress among commercial property owners. Janelle will provide more context in her update. Turning to our growth strategy, we remain focused on prioritizing factors within our control, providing the best opportunities to support people to find, buy, and sell property. REA Group's growth strategy is centered around four core objectives. Firstly, providing our customers with access to the largest and most engaged audience of property seekers. Secondly, delivering unparalleled customer value. Thirdly, providing the richest content, data, and insights to our customers and empowering consumers through their property journey. Finally, creating the next generation of property and property-related marketplaces.
We have a strong pipeline of new and existing initiatives across our buy, sell, and rent categories, which will underpin our future growth. REA Group responded decisively to COVID-19, prioritizing the health and safety of our employees and the immediate needs of our customers and consumers. We moved quickly to virtual working, which remains in place in Victoria, while all other locations have returned to the office. The accelerated delivery of new products, features, and support measures has.