The total return of the IPD Irish Quarterly Index came in at -2.3% in the first quarter of 2008, the worst return in the index history which dates back to the start of 1995. Moreover, this quarter's negative growth brings to a close 23 straight quarters of positive performance, IPD said. The reversal has dragged the 12-month total return of the index to 4.9%, itself the lowest annualised return since 2003.
Portuguese real estate investor and developer Bondstone is investing around €70 mln in a residential development in Belas Clube de Campo, municipality of Sintra, Portugal.
