The SCS / IPD Irish Quarterly Property Index for Q1 2009 have been published. According to the index, total returns for the three months to March 2009 were -9.3%, compared with -16.8% the previous quarter. The return for the year to March 2009 stands at -39.1%.
Capital growth was -10.9% in Q1 2009, less severe than the -18.0% recorded in Q4 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 decreased 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