A property development conference yesterday was told that the Republic was still a good bet for investment despite increased interest by Irish investors overseas.

Ray Grehan, of Glenkerrin Homes, said that, with the predicted increase in the population, the bias towards a younger society and the continual increase in inward migration, the housing market in the Republic would not slow down in the near future. The forthcoming release of SSIA savings accounts would also boost the Irish housing market, he said.

New figures indicate Irish investors have put about €5 billion into overseas property developments this year, while about €2 billion was invested at home.

Enda Faughnan, tax and legal services partner at PricewaterhouseCoopers, which sponsored the event, warned investors to be aware of what they are getting themselves into when investing overseas.

He said people are starting to feel margins are being squeezed in the Republic and are looking to eastern Europe and China.

He urged investors and developers to ensure they are fully aware of any land, legal and tax issues specific to the country in which they are investing, and to ensure they seek local advice.

Pat McArdle, chief economist at Ulster Bank, called on the Government to transfer responsibility for the monthly new house completion statistics from the Department of the Environment to the Central Statistics Office. He said the existing system, based on ESB connections, was unreliable.

Other speakers at yesterday's conference included Sean Dunne, who recently paid €119 million for the site of Dublin's Berkeley Court Hotel, and Peter Bacon of Ballymore Properties.