The Irish investment market has been stagnant now for virtually four years with 2011 the worst year in this cycle with the total investment turnover only E25 million for the entire 12 months.

However, Savills Ireland predict that the investment market turnover should reach E500 million in 2012 as a result of concessions announced in the December Budget and an increased volume of stock going for sale.

This year, the market will see the effects of the cut in stamp duty to 2pc from 6pc, Capital Gains Tax (CGT) relief for investors who acquire commercial assets up to year end 2012 and hold for 7 years and the Government's u-turn on upward-only rent reviews, Savills said.

"Apart from the significance of these individual measures, international investors see the budget package as a commitment from Government to get the property market moving again. This coupled with other factors, such as historically high initial yields are making commercial property investment in Ireland more attractive," it said.

Since the budget there have been three significant deals of scale agreed.

The three assets, varying in lot size from E27m to E43m and all of which would be regarded as prime, are agreed with institutional investors and are the most significant transactions in the last four years. Overall, there is now price transparency for prime assets, (by location, length of income and quality of covenant), Savills said.

"In general the outlook for the investment market in 2012 is positive, although this needs to be measured against the low base of 2010/2011. There is over E100m currently deal agreed and with more stock coming to the market turnover could reach E500m this year."