Total spend on property falls 90% from 2006 peak, finds Savills

THE total Irish spend on property has fallen a massive 90% from its 2006 peak – and land values will continue to slide until NAMA gets well-established.

That’s the 2009 Irish Property Market Outlook from international agency Savills, which reports that spending here on property will slump to €4.5 billion this year, down from record 2006 levels of €50bn.

Economic conditions will see the take-up of office space drop to 50,000sq m this year, down from a 2007 all-time high of 300,000sq m. Completions will be quite high this year, dropping sharply in 2010 and grind to practically a halt in 2011, predicts Savills.