The publication of the monthly consumer magazine Irish Property Buyer has been suspended by its owners Property Media Limited.

The decision was announced today Wednesday 2nd July by the two founding directors of the company, Joan Fitzpatrick and Don Buckley. This means that the July/August issue of the magazine will not now appear on the news stands this week.

"We have taken this decision with regret after successfully publishing Irish Property Buyer for 41 issues since March 2004," said managing director Joan Fitzpatrick.

"We have been left with no alternative due to the increasingly bleak medium-term prospects for the property market," explained director Don Buckley. "We had weathered the initial downturn in property since the beginning of last year and had intended to see out the turbulence until the market recovered but that prospect keeps retreating with each negative development in the sector," added Mr. Buckley.

"Since last year we maintained the content and quality of the magazine despite reducing revenues," said Ms. Fitzpatrick. "To continue publishing in the present climate of the property sector would mean incurring financial loss without knowing when the market would pick up again."

The founding directors wish to thank the readers and advertisers who supported Irish Property Buyer for four and a half years "Without our readers' interest in property and the confidence of our advertisers, Irish Property Buyer would not have evolved into the comprehensive guide for property matters in Ireland and abroad," said Mr. Buckley.

The directors also want to thank the staff and contributors of the magazine for their commitment to the editorial and advertising standards achieved by Irish Property Buyer. That standard was also exemplified by the high quality colour printing of the publication by Boylan Print Group Limited.

End Statement. Wednesday, July 2nd