The advent of the euro - which will bring with it lower interest rates - and measures resulting from the Bacon report on the property market have significantly changed the Republic's investment climate, a conference attended by more than 900 people over its two-day run has been told.

The "Great Investment Debate", sponsored by The Irish Times, Gunne Property Consultants and Bank of Ireland Asset Management, sought to assess whether property or equities offered a better option for investors confronted with declining returns on savings accounts.

In the debate, which took place at UCD's O'Reilly Hall and was chaired by the finance editor of The Irish Times, Mr Cliff Taylor, Mr Pat Gunne, managing director of Gunne Property Consultants and his colleague, Mr Ronan Webster, strongly advocated commercial property investment. Tax incentives remained in this area after the Bacon report, they said, while values were not yet as high as in the residential market.

Opposing this, Mr Mark Cunningham, director of Bank of Ireland Asset Management, said that equity markets provided the best long-term option for private investors, although selecting the right stocks was now important, with markets at relatively high valuation levels.