Irish invest €4bn abroad

WEALTHY Irish people are running out of places to invest their money at home - meaning their cash is fuelling property booms abroad instead.

Investors looking for a good return on their spare income are buying up foreign office blocks, shopping centres, industrial units and other commercial properties at four times the rate they buy in Ireland.

New figures show they are on course to spend over €4 billion on bricks and mortar abroad this year alone, compared to less than €1bn on home soil over the same period.