International money transfer transactions to Ireland could be on the rise following growing interest in property in the country.
According to a recent study from Rightmove Overseas, demand for property in Ireland has been growing, as house prices decline to all-time lows and UK buyers realise that there is a surplus of properties across the country at bargain prices.
The firm revealed that Ireland is now the 11th most popular country on its website when it comes to interest from foreign investors and pointed out that there are now around 39,000 searches for Irish property every month.
Property prices in Ireland have experienced a marked decline over the last four years - there has been a 43 per cent fall in prices since 2007, with flats in the Dublin area bearing the brunt of this drop.
According to figures from the Central Statistics Office, which is based in Cork, the prices of houses in Ireland dropped by 14.3 per cent in the year to September.
Tom Whale of Rightmove Overseas told the Telegraph: "Property prices in Ireland are at their lowest since 2003, so now is a great time to think about putting money into a renovation project or a newly built property before prices start to rise."
A flat with two bedrooms in a good area in central Dublin would have cost around 700,000 euros (£598,000) during the Irish housing market's peak period, but now costs around 300,000 euros.
Robert Hoban, director of Allsop Space, told the Independent: "We have eight city apartments in Dublin city centre being sold with tenants and the reserve prices - one beds for 92,500 euros and two beds for 135,000 euros - are reflecting a 12 per cent rental yield."
Meanwhile, homes with three bedrooms located on the outside of Dublin typically sell for just 90,000 euros, whereas they would previously cost around 250,000 euros.