Stud farms and country houses in Kildare
Like many other sectors of the market, the price of country homes has fallen by up to 55pc since the peak. Anything that's been for sale for more than a year has had to be reduced further to meet the market level. Only then do offers and sale agreements start coming in, according to agents.
Demand is there from buyers for homes up to €750,000. Anything over €1m isn't moving because banks are reluctant to lend.
Stud farmers, meanwhile, have been doubly hit. Property has fallen at the same time as the bloodstock market. Stallion fees are negotiable after being substantially reduced in price. One agent puts this down to a dip in breeding quality control during the boom.
The result is that the French breeding market is closing in on Ireland: like its property market, breeding never reached saturation point in France. Land prices have also been hit hard: in the Kildare area land that was once €30-40,000 an acre is now going for €10,000 an acre.
There are very few stud farms on the market. One agent has a few around the country for private sale only, as it's one market with a very small pool of potential buyers who often want to keep a sale quiet.