Real estate markets in Ireland — famously, one of the peripheral euro zone countries that have been at the heart of Europe’s problems in recent years — have finally turned the corner after almost seven tumultuous years of capital depreciation, illiquidity and bereft financing markets, in a recovery that has been driven by a weight of capital chasing prime Dublin assets.

While the momentum building should not be exaggerated, there are reasons to believe that — at last — Ireland’s property fundamentals are starting to recover to enable a faster workout of the remaining legacy of profligate lending that started overheating the country’s real estate market more than a decade ago. Indeed, such is the improving sentiment that the influx of US and European private equity fund money has now been joined by the emergence of a domestic REIT market; along with UK investors, are all seeking to capitalise on Ireland’s nascent recovery.