Everywhere these days in the European property market, basket case building firms and under capitalised developers are tapping the markets for fresh capital. Whether it's a rights issue, a private placement or just a debt raising, even the most fragile property-related companies and building firms are managing to get deals away.

Many of the deals will get them through next year at least and some have managed to strengthen their balance sheets to even withstand a double dip recession or a second wave of property valuation write-downs.

Last week Songbird Estates, which owns more than half the buildings in Canary Wharf, managed to arrange a rights issue with a group of existing shareholders, some of them from the Middle East. The company earlier this year was on target to breach its loan covenants, but the likes of the Morgan Stanley Real Estate Fund and Qatar Holdings have been prepared to invest and help reduce its indebtness.

It's just one of many property-related companies trying to bullet proof its balance sheet after the shocks of 2008. There are plenty of others in the UK who plan to do something similar, chief among them mega builders like Barratt Developments and Redrow.

But here in Ireland none of the chief players can attract investment, with sovereign wealth funds not only spurning them, but also the miniscule Irish market. Sean Mulryan's Ballymore is looking to raise fresh funds, but it's going to be an uphill struggle. Meanwhile Ballymore is being asked by others in the construction trade to take on their projects and help to build them out.

With land prices in Ireland down aproximately 80% in some places and income-producing properties down 50%, a reasonable investor would conclude that the value point has been reached. But apparently not.

It's obvious why this might be. Land prices per acre dropped last year by an astonishing 60%. Painful at this was, it only brought land prices back to price levels from earlier this decade. This is not going to be enough of a shake-out to prompt fresh investment, at least based on activity to date.

Commercial land and investment property prices have further falls to go. Nama believes and hopes not much more, but the absence of private investment into Irish property companies must make the planners of that particular enterprise somewhat nervous.