Top10 attractive destinations for Irish shoppers in the "Celtic Tiger", abbreviated to120 characters:10 best destinations for Irish shoppers in the "Celtic Tiger".

In the first part of a two-part series, Mark Keenan examines the ten most popular areas where Irish buyers made over 200,000 property purchases during the economic boom in Ireland, and finds out what the outcomes of these investments were.

BULGARIA

In 2008, the real estate market in Bulgaria collapsed. Dependence on foreign buyers from Russia, the UK, and Ireland led to its stagnation and halt when the flow of buyers from the latter two dried up. Property prices fell by 30% in two of the three most popular areas - on the Black Sea coast and in the capital, Sofia. Prices for ski resort properties dropped by 50%, and since then, they have hardly changed.

Dylan Cullen, the owner of Appreciating Assets, which has offices in Dublin and Bulgaria, says they have closed quite a few real estate deals benefiting unfortunate Irish people, mainly to Russian buyers. "Interestingly, most Irish buyers I've spoken to recently are happy they bought property in Bulgaria. Since the loans were taken out here in Ireland, they haven't been affected by issues with Bulgarian banks. This also meant that, despite selling their properties for 30% less than they bought them for, they received cash to take back home to a country where prices have dropped by 60%. So if they reinvested that back in Ireland, they made a good profit," Dylan said. "There are two types of buyers. 'Lifestyle' buyers are thrilled when they come to a country with beautiful beaches or ski resorts, where locals earn five grand a year, meaning they can live like kings during their vacation. They don't care about the investment aspect. Investors are looking to get their money out and have failed. Right now, Russian buyers are purchasing property because they are afraid of sanctions on capital acquisition. 'But in the medium term, construction has started again, the Bulgarian economy is stable, and they have only 100 miles of unused coastline. My advice is: if you are buying property for vacation purposes, there’s no need to worry. If your motivation is investment, prices are unlikely to rise for many years, so it’s better to return your money to Ireland.'

DUBAI

Dubai has been a hotspot for investments. Recently, the British network Knight Frank named Dubai "the hottest real estate market in the world," and last month its developers announced 27 new projects. Between 2002 and 2008, prices more than tripled as the small, oil-rich Arab state amazed the world with palm-shaped islands in the sea and "The World" - an archipelago organized like a map of the world, where buyers could purchase islands shaped like countries.

CABO VERDE

The Cape Verde archipelago, located off the coast of Africa, was cursed in 2006 as the "new Caribbean Sea." Property prices here have held up quite well, despite many apartment projects failing to sell and numerous large-scale infrastructure projects remaining unfinished. Two-bedroom apartments that cost 100,000 euros in 2006 still range from 100,000 to 115,000 euros, despite the issues, mainly with water supply.

FLORIDA

The second place on the list of "hot spots" for Irish buyers in 2006 was sunny Florida. However, those who bought villas in Florida, recommended by Irish entrepreneurs at the time, purchased them at the highest prices during the bubble that burst the following year. By 2012, property prices in Florida had dropped by 55%, so much so that in some parts of the state it was impossible to even give away a house for free. The good news for those who held on is that since the beginning of 2012, prices have started to rise and continue to grow rapidly.

Costa del Sol

Those who bought real estate in Spain at the peak of the Costa boom are not in a good situation. Prices began to fall in 2007 and have not stopped since. Depending on the resort, losses for investors have been phenomenal - from 40% to 70%. In many ways, the Spaniards managed their real estate market worse than anyone else - they continued to build at full capacity for at least two years after it became clear that there was no one to buy in a country with a staggering unemployment rate of 25%. A quarter of all Britons left Spain last year - just over 90,000 out of their foreign residents. However, international investors considering purchasing real estate in Dublin have started to take an interest here as well. There are preliminary reports of a turnaround in the cheap real estate market. Stay tuned for news in the next issue - UK, Warsaw, Cape Town, France, Algarve.