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Introduction

Ireland is located off the coast of the United Kingdom between the Atlantic Ocean and Irish Sea. To the north of the island is Northern Ireland, considered a part of the UK, whereas the southern "Republic of Ireland" is an independent state.

The country is known for its superb countryside, beautiful coastline and general relaxed atmosphere. In recent years there has been an economic boom with an abundance of highly skilled Irish workers available at a relatively low cost. This has attracted significant outside investment and has turned Ireland into a knowledge driven economy.

With this in mind, the property market has grown with the booming economy to the extent that many are now priced out of the Irish property market, mostly in the Dublin and Cork areas. In May 2006 house price nationally grew by 14%, with housing in the commuter belt of Dublin in particular demand. The average price of a property in Dublin currently stands at €395,00 at for properties outside of the capital the average is currently €255,000. This is in contract with the end of the previous year when property in Dublin sold for an average €370,000 and outside Dublin the average was €240,000. It is suggested that the Irish property market is due a fall, however, recent figures posted seem to suggest consistent growth.

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