Viva, Cocoon, Dakota, AKA - these are the names of only a few of the new ultra cool bars revolutionising life on the Dublin social scene. The trend among hip young things is no longer to stay in one pub, but to soak in the atmosphere of up to four or five of their favourite haunts - all in one night. Pubs which fail to fit in with the expectations and lifestyle of sophisticated but fickle 21st century Celtic cubs are being left off the circuit.

The Daniel O'Connell on Aston Quay, currently on the market through Morrissey's with a guide of £2.5 million, is a case in point. In its heyday, it was a bar heaving with young clients - but it's no longer considered one of the in-spots. "In its day, it would have done 50 per cent more," says one market source. "For a pub of its size to be doing well, it should be clearing at least £30,000 a week. It's an opportunity for someone to buy it and spend up to £750,000 refurbishing it.

"But the banks will want to know that it will make £30,000-plus a week, so it will probably go to a known name."

The powerful ever-expanding pub chains like Capital Bars, the Fitzgerald Group and the Thomas Read Group are nudging some of the smaller, low-profile operations out of the picture - although there will probably always be a market for the national institution-type traditional pubs like McDaids and Kehoe's.

"What is happening is that the multiples are getting bigger. They are increasing their number of units, have more purchasing power and therefore can get more discounts. Also, pubs in the city centre are now too expensive for the new player to buy because there is nothing half decent under £2 million to £3 million any more."

While some spectacular prices have been achieved for pubs in the past year, like the much-talked about £5.5 million for the Baggot Inn in May, this source reckons that there will be a greater sense of reality in next 12 months, as the market "begins to soften a bit" and interest rates creep upwards.

"Over the next six to 12 months, prices will be more realistic. The market has been overheated. Stock has been limited and anything even half decent that came along has been aggressively bought up.

"The banks have been very supportive and have been throwing money at people to buy places, but they are now looking harder at the sector and are looking a lot closer at figures than they were."