However, the Irish company has predicted that these losses will be compensated by 20,000 new jobs in building of infrastructure and commercial property developments.
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It has also foreseen a 4% growth in the Irish economy this year and a 3% rise in 2008 and has predicted the general economic growth will remain strong.
Davy Stockbrokers has said that while London is up by 8% this year, the Dublin market is down 5%.
The main concerns highlighted are the housing slowdown, and it said construction output would fall by 25%.
The company also says that growth in jobs will be 20,000 next year, down from 80,000 in recent years.
(JM/SP)
