As the eurozone crisis continues to grip the continent and wreak havoc for the majority of those countries which have adopted the single currency, the latest report shows property prices in Ireland are still a long way off any form of substantial recovery.

Indeed, while figures released by Eire's Central Statistics Office (CSO) have revealed that the housing market enjoyed a slight upturn in fortunes during August - values rose by 0.5 per cent compared to July - the statistics still paint a bleak picture.

That's because property prices in the capital were 13.8 per cent lower last month than they were at the same point in 2011, reaching a level that means they are now 57 per cent below the peak they reached in early 2007.

And with values nationwide 11.8 per cent behind the level they were at in August of last year, it seems that Ireland's property market is continuing to struggle with the strain of the ongoing economic downturn.

"The climb in Irish home prices was one of the steepest in the world," the Wall Street Journal quotes Dermot O'Leary, chief economist at Goodbody Stockbrokers, as saying.

"Unfortunately, the historical evidence suggests that after such large crashes that any recovery will be shallow, meaning it can take years for prices to recover."

But while this is bad news for Irish homeowners who may find themselves in negative equity, the conditions are ideal for Brits thinking of buying a holiday home in the Republic - especially as the pound continues to perform strongly against the euro.

Whether it's nearer major cities like Dublin and Cork or out in the more scenic rural areas around towns such as Killarney, there are plenty of opportunities to pick up a bargain in Ireland.

However, if you're going to be splitting time between home shores and Eire, you're going to need holiday home insurance to guard against the cost of theft or damage to your foreign assets.