Falls in Irish shares may lead to 'significant' decline in new builds

There could be a "significant reduction" in the building of new commercial and private rented sector properties - typically apartment blocks sold to big international investment funds - if the coronavirus outbreak continues to prompt a fall in the value of Irish property-related share prices, Davy has said.

In a research note Davy said equity market weakness following the outbreak of the coronavirus has resulted in the valuations of Irish-listed property stocks falling below replacement costs.