After six years of record breaking prices, the market for expensive houses in Dublin went into reverse in 2001. Estate agents estimate that values are down by as much as 20 per cent at the top end of the market with a further drop expected next year.

Despite the slowdown, however, a number of high profile homes changed hands. The top price in the Dublin area was achieved in October by Lisney, which sold Grove House on Hainault Road, Foxrock, after auction for £5 million (€6.35m) The Tudor-style house came with three acres of land with obvious development potential.

The most striking house to come on the market in 2001 was a remodelled mini-palace on Brennanstown Road, Carrickmines. Cortina, which was built by Brian Rhatigan, fetched £4 million (€5.08m) prior to auction through Lisney in June.

A new record was set on Ailesbury Road when HOK Residential fetched "considerably over £4m (€5.08m), but not quite £4.5m (€5.71m)" for number 83, a two-storey over-basement period house in immaculate condition.

At the Merrion Road end of Ailesbury Road Sherry FitzGerald sold Coolbawn, a large semi-detached house in need of some refurbishment for a strong £3.6 million (€4.57m). It last sold in 1992for around £700,000 (€889,000).

However, Gunne Residential failed to find a buyer for two further houses on the road: number 3, a refurbished house, and number 16, a substantial house needing full refurbishment which is now on the market at £2.5 million (€3.17m) by private treaty.

By far the most unusual sale was handled by Finnegan Menton, which sold The Tansey, a large seaside property in Howth, not once but twice in three months. Formerly owned by the late Liam McGonagle, the Georgian house on eight acres on Baily fetched £3.875 million (€4.92m) at auction in May. It was bought by Riverdance promoters Moya Doherty and John McColgan who sold the property on for a similar price.

Businessman Niall O'Farrell of the Black Tie dress hire chain paid £3 million (€3.81m) for Cliff Castle on Coliemore Road, Dalkey, through HOK Residential.

Well-located family homes with sizeable gardens fared well, despite the general downturn. In Blackrock, Co Dublin, Lisney fetched £3.1m (€3.93m) at auction for Tanrego, a large detached house with coach-house at Avoca Avenue, Blackrock, while in Ballsbridge, joint agents Lisney and Gunne Residential sold a detached house at 6 Sydney Parade Avenue for £3m (€3.81m).

In Donnybrook, Sherry FitzGerald sold Donard, a large Edwardian house on Argyle Road, for £3 million (€3.81m) after withdrawal at auction in May. Around the corner, Lisney found a buyer for 26 Herbert Park at £2.9 million (€3.68m). The house went on the market in September and sold in March of this year. A three-bedroom penthouse apartment at the Merrion Hotel in Dublin 2 set another record when it sold less than two weeks after going on the open market. Three bidders chased the property, owned by property developer Michael Roden, to a sale price of over £2.5 million (€3.17m). The agent was Sherry FitzGerald.

Buyers failed to emerge, however, for two of the most expensive houses offered for sale this year. Kenah Hill, a large refurbished house in Killiney priced at £8 million (€10.16m) through Sherry FitzGerald and Victoria House, a substantial family home with coach-house at Coliemore Road, Dalkey, which was withdrawn from auction in May and is currently on the market at £6m(€7.62m) through Lisney.