Investment in property was down a whopping 47% in the second quarter in Ireland compared with the previous 3 months. In fact such is the collapse in commercial property that Irish property investment was the 2nd worst among 27 developed nations according to BNP Paribas Real estate.

Is this a reaction to soaring interest rates or is there something deeper and longer-lasting going on in the market? For more on this Joe spoke to John McCartney Director of Research for BNP Paribas Real Estate.