Not only is St. Patrick's Day on Saturday, but the real estate prices in Ireland are rising!

According to Ronan Lyons, an economist at Trinity College Dublin, the prices of real estate in and around Dublin are now within a year or two of reaching their 2007 peak". Its very much a sellers market, Mr. Lyons said, Theres very little being built, and theres strong demand.

The high prices of real estate in Ireland were caused by a credit bubble, but today it is due to a lack of housing. Were not fighting the same war as 10 or 12 years ago, Mr. Lyons said. Now, its a supply shortage.

William Talbot, the managing director of Sherry FitzGerald Talbot, stated that in County Tipperary the average prices for semi-detached units with three bedrooms, also known as starter homes, run roughly $185,000, versus $550,000 in Dublin.

There are few things to keep in mind, if you are planning to purchase a home in Ireland.

1. There are no restrictions to foreign buyers in Ireland, however you may be required to make a larger down payment than that of an Irish citizen.

2. Closing costs include stamp duty, which calculates to 1% on the first million euros of the purchase price and 2% on everything over that.

3. Buyers are also responsible for land and title registration fees, records search fees and a mortgage registration fee. These can run up to about $1,000 to $1,500.

4. All transactions are handled by a lawyer. Purchasing property overseas can be a tricky process, having a lawyer is never a bad idea.

5. You must register for a tax ID number. This can take several weeks.

With the real estate in Ireland as hot as it is right now, why not take a gander and see if you can find your pot of gold!