The average house is now changing hands for around $213,000Google Images

Read more: Irish property fire sale as prices tumble to lowest yet - SEE POLL

Ireland may be on the verge of another property boom, but this time the buyers will be ex-pats.

With prices are dropping dramatically across the country Irish property has become a tempting  bargain for overseas Irish people who had previously the found prices too expensive.

As the recession bites from Donegal to Cork estate agents throughout the Republic are nevertheless reporting a renewed interest from overseas buyers.

With an estimated 55 per cent reduction in house prices between 2007 and 2013, many sellers are settling for even less than their lowest asking price.

The top five enquiring countries are the UK, US, Germany, Australia and France and overseas browsers account for 15 per cent of web traffic on some Irish property market websites.

Irish expats found themselves shut out of the housing market during the Celtic Tiger years, but now the property trend is ex-pats looking to buy property close to where they grew up. And many have significant cash reserves to draw from.

Currently interest is highest among Irish people looking to buy holiday homes with the intention of retiring there later.

Read more: Irish property fire sale as prices tumble to lowest yet - SEE POLL