irish life property portfolio (Irish property fund series 8)

I have invested money in an irish life property portfolio (Irish property fund series 8) i have been told i must apply in writing then wait for 6 months then i can cash out but the price is calculated after the 6 months. the fund has lost 55.22% in the last 12 months. what would be the best option should i leave the money in long term or should i cash out now or should i switch to a different fund?
how much more can i expect the fund to lose?

There is a 6 month hold on that fund so if it's a once off investment you did you don't have any other option than writing in and telling them you want to switch in 6 months. You can always change your mind in 6 mths time if things have changed significantly. If it's a regular premium investment you can change the fund you're paying you're monthly contributions in to they're the only options you have unfortunately.

as far as i know you only have 30 days to change your mind, its not a monthly contribution it was a lump sum investment.
It looks to me irish life inserted the 6 month clause to stop people cashing money out of the fund which in turn would force them to sell property in the current market.
im not even sure if i can swich from this fund
the only definite options i have are to leave it long term or apply to cash out and hope the price doesn't drop too much in the next 6 months

The fund is down 40% in the last 6 months the reason for the hold is as you say that they don't want everyone jumping ship now and forcing them to sell. If you let them know now taht you want to switch in 6 months time you should then have the option to switch into other available funds. I recommend you talk to the adviser who sold you the policy.