Property

Irish property funds book writedowns of €240m as commercial market turns

Value of eight of largest funds has dropped as the commercial real estate market continues to correct in the face of rising interest rates and weak demand

Analysts have warned that Irish commercial property values are set for a substantial correction and could fall by up to 20 per cent this year. Picture: Getty

Some of Ireland’s largest property funds have recorded almost €240 million in write-downs over the last six months, as the commercial real estate market continues to correct in the face of rising interest rates and weak demand.

A Business Post analysis has found that eight funds operated by Bank of Ireland, Irish Life, Aviva, Zurich and State Street Global Advisors, with a combined value of more than €4.6 billion, have seen their value eroded by ...