With overseas 'property shows' being held in practically every hotel and conference room in the country at the moment, leading international property agents have supported calls for far greater regulation of the way overseas properties are marketed here.

At these shows, it's not uncommon to see people virtually throwing money at property agents as they are enticed into signing up for deals that promise massive capital appreciation as well as strong rentals. Few people travel to see what they buy, taking on trust claims about the location, build quality, rental potential and capital growth.

Last week, the Irish Association of Investment Managers called on the minister for justice to tighten up the regulations in order to weed out charlatans who are making exaggerated claims about property.

Gillian Ryan, overseas department manager with Colliers Jackson-Stops, said: "Sales of overseas property is expected to surge, with people using their SSIA money as a deposit, and we believe regulation would help protect them from making unwise investments with unscrupulous operators.

"People are buying property without knowing who they are buying it from, without any independent advice or knowledge about the local market, tax implications or indeed the local laws concerning inheritance."