Property consultant CB Richard Ellis has said conditions in the Irish commercial property market have continued to deteriorate in recent months.
In its latest report on the sector, it said a lack of bank funding was having a 'very significant' impact on commercial property development and investment.
CBRE said only €465m worth of deals were down in the Irish market in the first nine months of this year, compared with €1.6 billion in the same period a year earlier. It added that Irish investors were likely to put no more than €1 billion into UK property this year, less than a fifth of the total for last year.
CBRE also estimated that only 10 pub properties would change hands in Dublin this year, compared with 19 last year.
The company is urging the Government to reduce the 9% rate of stamp duty on commercial property to encourage foreign investors to consider buying property here.
