Brussels pays off

ONE MORE THING:It's not all bad news for Irish property developers.

The Dublin-based Thornsett Group says it has secured €9 million worth of sales in two developments in Brussels over the past four months from the first release of apartments.

A good chunk of the money has come from Irish investors, too.

At its Leopold Village scheme - which will comprise 108 apartments, retail space and a 150-bed, four-star hotel run by Starwood - about 15 per cent of the buyers are said to be Irish.

About one quarter of the 28 "luxury" apartments at its Boniface Square development have also been snapped up by Irish punters.

The schemes were launched by Ireland's EU Commissioner Charlie McCreevy in the summer.

Both developments benefit from a close proximity to the European Commission and parliament buildings in Brussels where thousands of diplomats and civil servants are located.

Belgium might be six months without a government and in danger of splitting in two but the sizeable presence of the EU and bodies such as Nato in Brussels keeps demand for accommodation in the city high.

Property prices have risen by about 15 per cent over the past four years, helped by the expansion of the EU.

About one-third of property there is rented.

Thornsett, which is headed by Peter McCarthy, has been tipping away in Brussels for a couple of years and has €170 million worth of developments there.

McCarthy will no doubt be hoping that the EU family will grow over the next few years, with an accompanying increase in the diplomatic community and a rising demand for property.