Returns from the Irish commercial property market in the first quarter of this year were the strongest since 2006. Overall returns rose by 7.2 per cent in the first three months, with a rise of 5 per cent in capital values the main driver.
The strong returns were reported yesterday in the latest Quarterly Property Index, published by London-based property market researchers IPD and the Society of Chartered Surveyors Ireland.
The figures further confirm the market recovery that first started to emerge in the middle of last year, when the decline in values that began in late 2007 started to turn around.
The results are likely to boost demand for the large number of commercial property investments due to be offloaded by the banks and the National Asset Management Agency before the end of the year.