Dublin unattractive, says PWC

IN A BAD week for the economy, there was always room for another swipe at the property market.

It came in the form of a report from accountants PWC, who claimed that Dublin is now Europe’s least attractive market for investment and development prospects.

The study covered no less than 27 markets, rating us bottom of the league in terms of prospects for the future.

The city ranks 26th for risk and has the highest sell rating for offices, retail buildings and hotels.

The report forecasts that finance will continue to be in short supply and said there is no certainty as to when this will change.

The findings aren’t terribly surprising, because even in the boom times Ireland never managed to attract serious funds from abroad, either in commercial or residential markets.

The boom was fuelled by successful Irish investors, who went on to grab a lot of the action in Britain and further afield.

The pack was led by property developers, many of whom shifted their profits across the water, into prime London offices and retail stores.

These, too, are having a torrid time of it, but long term London is a fairly safe bet, rated fifth on PWC’s list of investment prospects after Munich, Hamburg, Istanbul and Zurich.

The Spanish and the Irish are in the dumps. So what’s new.