Property market low until 2010

IRELAND’S commercial-property market won’t recover until 2010 at the earliest as the economic slump and tight credit conditions deter investors, according to a report by real estate broker CB Richard Ellis Group.

Investment in Irish commercial property fell 74% to €500m in 2008 and may not increase much above that level this year, the Irish unit of CBRE said in a report.

The global credit crisis is making it difficult for investors to finance transactions as banks restrict lending, while commercial property returns are declining.