'Growth in value is what the Belfast property market is all about. We are experiencing price hyper-inflation, with gains of over 30 per cent in the past three months," says local estate agent Mark Maguire.

This is corroborated by Tom McClelland of McClelland & Salter in The Property Valuer, published by the Irish Auctioneers and Valuers Institute (IAVI). Well they would, wouldn't they, but the facts do speak for themselves. A two-bedroom townhouse or new apartment with a price tag of €120,000 less than a year ago will fetch €200,000 in today's bullish Northern Ireland market.

A strong first-time buyer sector, buoyed by a strengthening post-Troubles economy, is out there buying up properties under the £200,000 (€303,000) mark, causing a run on apartments in city suburbs, notably in north and west Belfast where supply is limited. Waiting lists are lengthening for new apartment schemes and some builders have resorted to inviting bids for off-plans apartments.

The difference between the Belfast and Dublin property markets boils down to one main point - Belfast prices are rising steadily, while Dublin has peaked. Buyers will also be attracted by low prices compared with the inflated Dublin market. Buying with equity in mind is advisable in Belfast however, as there are around 6,000 apartments currently in the planning stages in the Belfast area and a glut of rental properties could occur down the line.

Stamp duty is another consideration. Residential properties up to £125,000 (€185,740) are zero-rated in Northern Ireland. £125,001-£250,000 (€185,740-€371,530) incur 1 per cent duty; £250,001-£500,000 (€371,530-€742,850) are 3 per cent, while properties over £500,000 are levied at 4 per cent. Compare this with the Irish Republic, where liability begins at €127,001 with 3 per cent; 4 per cent from €190,501; 5 per cent from €254,001; 6 per cent at €317,501; 7.5 per cent from €381,001; and a punitive 9 per cent at €635,001.

New properties in the South are exempt for first-time buyers and owner-occupiers, provided the property measures less than 125 sq m (1,346 sq ft). Solicitors' fees are around the same as in the South, ranging from 0.75 per cent to 1 per cent, but lower prices inevitably mean cheaper legal fees in the North. A survey on a Belfast property will cost roughly the same as in Dublin. In fact, the only price shock buyers from the South will encounter when moving to Belfast is the annual Rates bill, which is based on the capital value of the property and considerably higher than our bin tax.

KATE MCMORROW