The French ambassador's Dublin residence was put on the market last week. This is an unusual sale that many see as another tell-tale sign that the Irish property boom may have peaked.

Recent performance of banks and building stocks - the two sectors that most closely mirror property sentiment - would suggest as much. Banks are trading 43 per cent below last year's highs, making this the second-worst bear market in the past 30 years, according to Scott Rankin, analyst with Davy stockbrokers. The building materials and house builders have been similarly hit.