The scramble to buy pubs in Dublin reached fever pitch in the past year, as around 60 pubs were offered for sale. John Ryan, an associate at Gunne Commercial property, estimates the capital value of the Dublin pub market stands at around £80 million and has the potential to rise strongly again in 1999.

Guinness sold three pubs - The Sheaf of Wheat, Coolock, The Clonsilla Inn, and The Cherry Tree, Walkinstown - for £12.55 million, marking its withdrawal from the retail trade.

In one week, the record price paid for a Dublin pub was broken three times. The first record of the year was set by The Step Inn in Stepaside, which sold for £3.15 million. Then £3.65 million was paid for The Half Way House, Walkinstown, and £4.4 million for the Clonsilla Inn.

Other big results were seen in the sale of The Cherry Tree for £3.4 million and The Sheaf of Wheat for £4.75 million. Unofficially, sources suggest the year's record now stands at close to £5.1 million, through the recent purchase of the Turnstile at Blackhorse Avenue.

Most of pubs are being bought by relatively small groups of investors., many of whom already operate other pubs in the region. Mr Ryan says that pubs in good locations will continue to be in demand. "People will pay a premium for them. Dublin is still the place to buy a pub."