Irish spend €3 billion on overseas property in second quarter of 2007

IRISH investors spent €3 billion buying foreign properties in the three months to June of this year bringing the total spend this year to €5bn.

According to the latest report from commercial property advisors Jones Lang LaSalle, Irish investors’ appetite for purchasing properties overseas is showing no sign of diminishing — a market trend that has remained consistent for the past seven years.

The largest purchase by an Irish investor in quarter two of 2007 was made by Bank of Ireland Private Banking which paid €309 million on behalf of its clients for a 50% stake in the New Mersey Retail Park in Liverpool.