Cash buyers now account for 60% of all house and apartment purchases in Ireland.

While the number of cash buyers has remained steady since the crash, the Central Bank has reported a big drop-off in people buying their homes with mortgages.

During the housing boom, a mere 25% of buyers were able to do so without a mortgage.

At the height of the boom in 2006, there were 150,000 transactions carried out. The volume of transactions fell to a low of 21,000 in 2010.

The new academic paper from three Central Bank economists looked at data up to 2014.

Experts have blamed the dysfunctional market on a number of factors, including low levels of residential construction, the difficulty people have getting mortgage approvals, job losses, pay cuts and Central Bank lending restrictions.

The Central Bank also noted that the composition of the "cash buyer" group has changed.

It includes older households wanting to downsize, those in receipt of pension lump sums, and private investors.