Only two investment transactions were completed in the Irish property market in the first quarter of 2011, according to property consultants CB Richard Ellis.

Google bought its premises, Gasworks House and Gordon House, at Barrow Street in Dublin 4 and an office building occupied by Ericsson in Clonskeagh was also sold.

This follows a year in which 29 transactions with a combined value of almost €242 million were completed in the Irish market.

CB Richard Ellis blames the fall-off on plans by the new Government to retrospectively review rent provisions in existing business leases. It claims that investment activity will remain constrained until the Government confirms its intentions in this area.