The Northern Ireland licensed market is experiencing unprecedented activity as pub owners and operators position themselves to capitalize on the improving nightlife associated with the "peace dividend".

At least 10 major pubs in Belfast and suburbs, with prices quoted from £700,000 sterling upwards, have changed hands in recent months.

Guinness has disposed of its premises, The Shaftesbury, one of the biggest pubs in the north of the city, and the Homestead, one of the biggest in the southern suburbs.

Both the Shaftesbury and Homestead have been bought by Patrick McCormick who recently disposed of the Four In Hand on the Lisburn Road and The Elms in University Street for a reported £4.5 million.

The recent transactions follow the largest single acquisition of licensed premises in the North by Guinness. It acquired Hunters, on the Lisburn Road, The Kings Head, on the Upper Lisburn Road, Cutters Wharf, on the Stranmillis Embankment and Morrison's in Bedford Street. It also sold a licensed premises with planning permission opposite Nick's Diner in Hill Street, which will be in the centre of Laganside's proposed new cultural quarter for Belfast.

The group of pubs was sold by David Donnelly and Tony Devlin, who started business in The Linenhall, one of the only new pubs to open in the city during the height of the Troubles. UK pub company JD Wetherspoon has also moved into the Northern Ireland market and is expanding rapidly. It has acquired two pubs in Ballymena, Co Antrim, including one of the biggest pubs in the town, McSwiggins. It has also acquired premises in Derry and Coleraine and the Strike Four sports pub in Bedford Street in Belfast.

John Martin, partner in The Whelan Partnership, which has acted in most of the transactions, said the trade is "buoyant and fast moving".

"It would be nice to see some of the Dublin publicans coming up. There are opportunities here and our pubs are a lot cheaper than similar premises in Dublin." He added: "Everybody is positioning themselves for the future on the strength of experience so far in the peace process. Things have improved greatly and more and more young people are coming into the city centre at night." Typically, pubs in Belfast are changing hands for ratios of one to 1.5 times turnover. In Dublin in recent years ratios have, in some instances, stretched to one to five times ratio.

One of the most active figures in the licensed trade is Belfast publican Jas Mooney, who bought the Four In Hand and The Elms. Last week, he opened a brand new pub in Donegall Square West overlooking the City Hall gardens. The new pub, branded The Apartment, has more than 5,000 sq ft of floor space and is designed to appeal to a young clientele.

Another Mooney pub, The Rotterdam, which is positioned beside the highly successful office complex at Clarendon Dock in the Laganside area, is also for sale. Mr Mooney owns some of the city's most successful pubs including The Botanic Inn, Madisons Hotel and The Fly.