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The index which is published by the
London-based IPD (Investment
Property Databank) and is produced in association with the Irish Society of
Chartered Surveyors, had
turned positive for the first time in two years in the first quarter of 2010,
with a modest 0.4% rise but the total return dipped 1.4% in the second quarter.
The return to positive property
performance in Q1 was driven by the shallowest quarterly capital depreciation,
at -1.8%, since the Irish market turned in the final quarter of 2007. The
tail-off in capital depreciation reflected a positive yield impact, at 80 basis
points, while rental pressure eased to its lowest quarterly decline since Spring
2009, at -3.3%. All property initial yields expanded by a fractional three basis
points to 8.2%. Since the market peak in Q3 2007, Irish commercial property had
fallen by -56.3%.
In the second quarter, based on a sample of 308 properties,
income growth was 2.2% with a range from 2.0 to 2.7% in Retail, Office and
Industrial. Capital growth was -3.5% with a range of 3.3 to 3.9% in the
respective categories.
The annualised total return over 1 year was -10.5% and
over 3 years, was -19.6%.
