Total returns for the SCS/IPD Irish Quarterly Property Index were -9.3% in the first quarter of the year, compared with -16.8% in the last quarter of 2008. The return for the year to March 2009 stands at -39.1%. Capital growth was -10.9% in the first three months of 2009, less severe than the -18.0% recorded in the fourth quarter of 2008, whilst income return also edged up to 1.7%.
Total returns for the SCS/IPD Irish Quarterly Property Index were -9.3% in the first quarter of the year, compared with -16.8% in the last quarter of 2008. The return for the year to March 2009 stands at -39.1%. Capital growth was -10.9% in the first three months of 2009, less severe than the -18.0% recorded in the fourth quarter of 2008, whilst income return also edged up to 1.7%.
Commercial property underperformed both equities and bonds, where returns were -5.0% and -5.6% respectively. Rental value growth slowed from 0% in Q4 2008 to -3.2% in Q1 2009. The leading sector was retail with a total return of -9.0%, whilst the industrial and office sectors returned -9.3% and -9.6% respectively.
All Property yields rose to 7.4% in the first quarter of 2009, from 6.7% last quarter .
The SCS/IPD Irish Quarterly Property Index is based on a sample of 323 properties from 12 portfolios covering EUR 3.23 bn at the end of March 2009.
