The values of Irish retail properties fell 2.8pc in the first three months of this year, bringing their 12-month decline to 5.5pc.
In contrast, values for Dublin industrial properties have increased and those for offices remained unchanged.
These are among the latest findings from the authoritative MSCI/SCSI Ireland Quarterly Property Index. However, the data is qualified by the inclusion of a material uncertainty clause in valuations due to Covid-19.
Colm Lauder, real estate analyst with Goodbody stockbrokers, says the index indicates that "effects have been relatively benign so far except for the retail sector which has seen a substantial negative revaluation. This is the first time all property values have turned negative in Ireland (outside of stamp duty changes) since 2012".
However, he expects that the second quarter "may be more negative, with transactional evidence still proving a challenge".
While Irish office values were flat in the first quarter, they are down 0.8pc over the 12 months due to the impact of the stamp duty hike in last October's Budget.
In the first three months of this year, retail property in Henry/Mary St suffered the sharpest fall in values with a 5.3pc fall during the first quarter bringing to 9.9pc the decline over 12 months.
Provincial retail values fell 5pc during the quarter and 11pc over the 12 months.
Grafton Street values dropped 3.2pc in the quarter and 6pc over the year.
Shopping centre values fell by 2pc in Q1 marking a decline of 4.4pc year on year.