"Set amidst the rolling hills of the Kilkenny hinterland, under the watchful eye of Mount Leinster, Duninga House Estate boasts breathtaking views over the Barrow River Valley where canal boating, fishing, rafting, gliding and horse riding are part of the daily life." So begins the sales spiel for a planned development of 14 holiday lodges at Duninga in County Kilkenny, each on the market for around €500,000 apiece.
Today, accountants KPMG are selling the entire Duninga estate, complete with its 18th-century mansion set in 47 acres, for an asking price of just €1m, after plans to redevelop the house into a luxury hotel alongside the holiday homes collapsed. Described by one commentator as "the poster child for the Irish property crash", Duninga also symbolises the buying opportunity that now exists for shrewd investors in Ireland.
The country has experienced one of the biggest property crashes of any country in the world, with prices estimated to have fallen by 50 per cent since the peak in 2006, after what is widely acknowledged to have been a bubble that got completely out of control.
The property pages of the Irish Times are now full of stories of properties offered at deep discounts; on one estate in County Cavan, houses previously sold for €199,950 and now available for just €99,950. There are still factors to deter would-be buyers, of course; not least the spectre of a new property tax, which the government is toying with.
At Blessington in County Wicklow, Knight Frank is selling Melheim a five-bedroomed bungalow built in 1966 with views of the Wicklow Mountains, for €795,000 – a significant price reduction. See the property here
Alexander Garrett is a freelance property writer who contributes regularly to The Observer and British Airways' Business Life.