Strong sales in spring kicked off another buoyant year in the overseas property market, but a quiet autumn season appears to indicate that the big rush of Irish people snapping up foreign properties may be over, and a more mature market emerging.

The last two years have seen a surge in both small individual purchasers and large investors acquiring properties in warmer climes, especially in the hot spots of southern Spain, the Algarve, Tenerife and Florida. Irish and UK-based agents selling sun properties say they have been overwhelmed by the response from Irish punters at the many international property shows taking place around the country, and report waiting lists for inspection tours.

There are already signs that the Irish market is taking a little breather on the overseas property front, said Diarmaid Condon, of IPC Property Consultants, which specialises in selling apartments and villas in the Costa Blanca region of Spain.

"We are certainly dealing with a much more mature market than that of two or three years ago, but the Irish market is small and it was always going to hit a ceiling. Most clients now have specified goals about what they wish to buy and where they wish to make this purchase.

"This wasn't the case until recently. Many purchasers in the early days didn't even know what part of Spain they were travelling to when looking at property there," he said.

Spain is still popular with Irish purchasers, especially the southern areas around the town of Marbella. Considered the jewel on the southern coast line, Marbella is regarded as the St Tropez of Spain, an exclusive sun retreat for Europe's rich and famous, with expensive yachts moored at the marina and flash sports cars cruising the streets. This stretch of coastline, known as the Golden Mile, has long been the preferred location for Irish buyers and investors.

Mary Jo Hanlon of Jackson Stops International Property Consultants said that while opportunities to acquire a good value property in Marbella may be limited, the surrounding areas are becoming more popular with the Irish market because of accessibility and guaranteed capital appreciation.

Puerto Banus is another hot destination and local developers are now attempting to recreate a new centre of luxury apartments located between Estepona and Guadalmina, which is being billed as The New Golden Mile to attract German, Scandinavian and Irish buyers. "Marbella has enduring appeal for the Irish market, for both small buyers purchasing one apartment and larger investors buying 10 to 15 apartments for future rentals. Frontline beach developments are rare now as most of the beach front has already been developed, and property values are rising, but there are still opportunities for investors and purchasers alike to get good deals," she said.

Diarmaid Condon points out that although the rental return in Marbella very seldom tops 4 per cent - the initial purchase price is generally high - capital asset growth in the area has been "phenomenal`' over the past few years, reaching 25 to 30 per cent much of the time.

"Marbella is the number one choice for large scale investors wishing to purchase multiple units for rapid resale. Purchases in this category can often vary from 10 to 30 units, with people buying from the plans and turning them around quickly, often before they are built. This can give returns in excess of 25 per cent over a very short time period," he said.

Three main categories of Irish overseas property purchasers have emerged. The first category is the individual or group purchaser, often two or three couples or families buying a villa or an apartment in a sun destination such as Spain, Portugal or the Canary Islands with a view to using it as a holiday home and renting it out in the busy summer season. Renting out foreign properties is a complex business and potential purchasers should be prepared to sign up with a professional management company if they want to see a return.

The second category is made up of investors who buy a number of apartments; two-bedroom apartments in good leisure complexes are preferred for rental purposes or with a view to selling on at a profit in the near future.

The third category are people who purchase properties as a second home, mostly in France or Italy, often with a view to retiring there at a later date.

Spurred on by decreasing opportunities in the Irish market and new tax restrictions following the third Bacon report, Irish investors are going for the less developed destinations of Portugal and the Canary Islands. But property prices are still expensive in Portugal, where a large number of developments target the golf community.

The Canary Islands off the African coast have the advantage of being one of the only all-year-round sunshine destinations and although property prices are relatively low here, there is limited access to both these islands and Portugal from Ireland.

The attractions of Disney and the assorted theme parks of Florida, combined with great golf courses and all year round sunshine, make this a great holiday destination. The spring season saw great enthusiasm from potential Irish buyers for Florida properties, but the strength of the dollar has dampened this market somewhat. Although the area offers good value for money, purchasers do need to be familiar with where they intend to purchase, and if they plan on renting the property it would be wise to be on, or very near, a golf course.

Other areas apart from the Iberian peninsula have also seen strong sales this year. Ease of access and strong cultural links have made France a favoured destination for the third category of buyer. Growing numbers of Irish people are buying rural and coastal properties in France, many of which require refurbishment, with a longer term lifestyle vision in mind.

The French Riviera is also becoming more popular according to Dublin- based agent David Marrani of Riviera Dreams, who specialises in selling villas and apartments around the Nice and Cannes areas. Properties are more expensive here than in other areas of France, but the area has a similar profile to Marbella. Italy has emerged as a new market for Irish buyers with the hills of Tuscany and the lake district up north becoming desirable locations. At present, there is no Irish agent for the Italian market, but Linda Travella at the UK-based Casa Travella reports that a high percentage of her business this year is now coming from the Irish market. Enquiries are strong and people have a very definite idea of what they are looking for, both in terms of location and the style of the property.