Hamilton Osborne King explains that the firm's sale to Savills will help the British firm boost its presence in eastern Europe, where HOK has "a strong presence".

A day later, Britain's Colliers CRE reveals it is paying 4.8m for 60% of Colliers Jackson-Stops. The firm declares that the attraction is "the flow of Irish money into property in the UK and continental Europe".

With Irish estate agents selling up to international operators, should we worry that the halcyon days are drawing to a close? Not so, the industry insists. The local sellers are staying on board the property ship and it's all positive news, we're told. Savills, which has indicated it would like to buy more Irish businesses, was the biggest riser on the FTSE-250 the day the HOK deal was announced.

Ireland's estate agents must be wondering all the same how long the good times can roll. Last year, 9bn of Irish investors' money went into commercial property, 2bn in Ireland and 7bn overseas, and CBRE expects the 9bn overseas figure to be surpassed this year. As Irish property sources gab earnestly about a backdrop of global consolidation, expect estate agents to bite the hand off anyone offering decent cash over the coming months.

With HOK already snaffled by Savills, Gunne by CBRE, and 20% of Sherry FitzGerald's commercial property business owned by DTZ, there are still potential buyers out there. Other major international players likely to have a sniff include Cushman & Wakefield.

British heavyweight Knight Frank was previously linked to HOK, so will be looking around from the altar.

The Irish will also be mesmerised by the hefty prices being achieved.

Savills is paying 50m for HOK, which in the year to the end of September 2005 reported turnover of 35.7m and pre-tax profit of 7.8m (before 4.7m in remuneration was dished out).

CBRE's acquisition of the last slice of Gunne's commercial business, which turned over about 20m last year, valued it at 35m.

Colliers Jackson-Stops turned over 5m last year, and Colliers CRE's 4.8m acquisition of 60% of the company values it at 8m.

The prime remaining commercial property candidate is Lisney, which already has a non-equity link with Cushman & Wakefield. Lisney turned over nearly 19m in the year to the end of March 2005:

on current form, and given market growth rates, that could translate into a price tag well over 30m.

With interest rates rising, and a slowly creeping realisation that house price delirium mightn't last forever, the thought of cash in hand also has to be alluring for residential specialists. It's lowermargin, but Pat Gunne still managed to offload the residential business for a reputed 7m . . . quite a score for the Gunne family. It seems certain that imaginative estate agents will be whiling away the summer evenings by calculating potential payouts.

On the residential side, the informed money is on Douglas Newman Good as top target. Driven by Paul Newman and Keith Lowe, it's on course to do around 12m this year on residential. Slide rules will also probably be run over the country's biggest residential player, Sherry FitzGerald, which turned over 40m last year and is on target for 65m this year.

It's unlikely Mark FitzGerald et al would ever say never to a top offer from an international behemoth, but Sherry Fitz has gone on the expansion offensive itself by moving into Britain and making three acquisitions in three years.

Top management there have other cash dreams to keep them happy these days anyway.

The expected price tag for myhome. ie, in which Sherry FitzGerald has a 25% stake, is understood to be tipping over 45m.

Crazy money some think, in a very crazy market. . . and not a bad windfall just three years after an MBO.