02.10.2008 - Irish property market crippled by lack of bank funding says CBRE
From Property Week: Conditions in the Irish commercial property market have continued to deteriorate because of its weakening national economy and the global financial crisis, according to CB Richard Ellis. The global property services company said in a market update today that the lack of bank funding was significantly impacting activity in the development and investment sectors with only €465m (£370m) of investment deals taking place in the first nine months of the year compared to €1.6bn (£1.2bn) in the same period last year. It follows the news this week that Ireland was officially in recession following two consecutive quarters of negative growth and the announcement yesterday that the Irish government had moved to protect six Irish banks guaranteeing all deposits for the next two years..... Full Article: Source