SCSI Quarterly Commercial and Residential Property Survey Q3 2011

Profile of Responses

Activity Fields of Respondents Commercial 32% Residential 22% Both 46%

Residential Property

Average Transactions in Q DwellingAverage Number of Transactions Response Rate 3 Bed House3.7494% 4 Bed House3.0291% 1 Bed Apartment1.0865% 2 Bed Apartment1.8075% 3 Bed Apartment0.6159%

Average Sale Price in Q3 DwellingAverage Sale PriceResponse Rate 3 Bed House€157,038 Median €150,000 10% Trimmed Mean €154,265 93% 4 Bed House€227,477 Median €206,750 10% Trimmed Mean €221,884 90% 1 Bed Apartment€55,274 Median €50,000 10% Trimmed Mean €51,320 48% 2 Bed Apartment€105,799 Median €105,000 10% Trimmed Mean €103,048 59% 3 Bed Apartment€123,535 Median n/a 10% Trimmed Mean €140,285 41%

Average Time (Weeks) to Sell Property DwellingNumber of WeeksResponse Rate 3 Bed House18.493% 4 Bed House19.387% 1 Bed Apartment11.449% 2 Bed Apartment16.060% 3 Bed Apartment10.645%

Respondents feedback on the Survey Positive Economic performance / achieving bailout targets restoring confidence internationally Prominent FI’s promise to resurrect residential lending in December bed semi-detached market seems to have stabilised Financial Regulator’s warning to FI’s not to increase variable interest rates without the ECB increasing its main refinancing rate Over-supply of certain residential properties in urban area’s is falling

Respondents feedback on the Survey (cont’d) Negative Lack of available mortgage finance continuing to stifle potential activity Budget 2012-increases in indirect taxes will further limit potential buyers ability to obtain finance Media negativity exacerbating the paralysis in the market Sovereign debt crisis in Europe compounding the uncertainty in the residential property market

Commercial Property

Area of Commercial Property Engaged

Average Transactions in Q3 CategoryAverage Number of Transactions Response Rate Retail2.4781% Office1.5776% Industrial0.9265% Pub / Restaurant0.4855%

Average Price per sq foot in Q3 CategoryAverage PriceResponse Rate Retail€1,353 (10% Trimmed Mean €70) 66% Office€2,555 (10% Trimmed Mean €50) 79% Industrial€2569% Pub / Restaurant€2843%

Average Rent per sq foot in Q3 CategoryAverage RentResponse Rate Retail€42.2 (10% Trimmed Mean €19.8) 76% Office€10.3 (10% Trimmed Mean €10.0) 74% Industrial€3.057% Pub / Restaurant€9.934%

Issues for Q3 Positive Economic performance / achieving bailout targets restoring confidence internationally Strong export sector increasing enquiries / transactions for industrial property Increase in yields for international liquid investors – stabilisation of available office space stabilising prime rents

Issues for Q3 (Cont’d) Negative Uncertainty surrounding UORR having a negative impact on commercial property market NAMA properties – difficult for private vendors to compete with these properties on asking price Media negativity exacerbating the problem Euro zone sovereign debt crisis deterring international investment

Society of Chartered Surveyors Ireland 38 Merrion Square, Dublin 2, Ireland Tel: (0) Dating back to 1895, the Society of Chartered Surveyors Ireland is the independent professional body for Chartered Surveyors working and practicing in Ireland. Working in partnership with RICS, the pre-eminent Chartered professional body for the construction, land and property sectors around the world, the Society and RICS act in the public interest: setting and maintaining the highest standards of competence and integrity among the profession; and providing impartial, authoritative advice on key issues for business, society and governments worldwide. Advancing standards in construction, land and property, the Chartered Surveyor professional qualification is the world’s leading qualification when it comes to professional standards. In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining the Chartered Surveyor qualification is the recognised mark of property professionalism. Members of the profession are typically employed in the construction, land and property markets through private practice, in central and local government, in state agencies, in academic institutions, in business organisations and in non-governmental organisations. Members’ services are diverse and can include offering strategic advice on the economics, valuation, law, technology, finance and management in all aspects of the construction, land and property industry. All aspects of the profession, from education through to qualification and the continuing maintenance of the highest professional standards are regulated and overseen through the partnership of the Society of Chartered Surveyors Ireland and RICS, in the public interest. This valuable partnership with RICS enables access to a worldwide network of research, experience and advice.