It will take some time before the euro zone sees the full effects of the historic €1.1tn quantitative easing programme that was announced yesterday. Already we have seen the euro depreciate - and Irish property experts are saying that the measure will push more money into the Irish property market.

Dr John McCartney, director of research at Savills Ireland commented: “The programme will put further downward pressure on bond yields, forcing investors into higher yielding asset classes, including commercial property.”

He continues, “2014 was a record year for commercial property investment, with €4.4bn of direct property assets traded.  The bond buying programme announced today will continue to drive further activity in this market throughout 2015.”

With the British market expected to slow down in 2015, and euro values falling against the pound - Dr McCartney expects more buyers from the UK to buy Irish properties: “In our experience UK buyers became more active in the Irish residential market in 2014, particularly in the higher price brackets. With a further weakening of the Euro in prospect, we would expect continued strong interest from UK buyers this year.”