More than 160 people turned up at the Sefton Hotel for the recent Property Outlook 2010 event, hosted by the Junior Chamber of Commerce and featuring experts from Black Grace Cowley.

The speakers confirmed the residential property market in the Isle of Man remained challenging, with some exceptions, especially at the prestige end of the spectrum.

The commercial property market was rosier, with strong demand for office space and increasing activity in the retail sector.

Black Grace Cowley director Tim Groves confirmed the strong demand for commercial property in the Island. He said: "Despite the current economic climate there is a demand for suites in the 1,000 to 2,500 square foot range. This will be assisted further by a positive first quarter on the Island together with a positive budget from The Treasury in February to help set 2010 off on a solid footing which will see a new office development scheme within the year."

Director at BGC Nic Cooper said of the residential property market: "Threats produce opportunities. If we on the Isle of Man possess the vision, resourcefulness and correct entrepreneurial skills we can seize the moment."

(Pictured is the Junior Chamber of Commerce's Property Outlook Panel, left to right: Stewart Nelson, Nic Cooper, Tim Groves, Richard Davies and Adrian Marsh. Also present and not on the picture was David Buchanan).