For centuries, Ireland has been a country with a population that embraces change, opportunities and challenges. From its tough times in the 1980s, to the rise and fall of the Celtic Tiger, Alannah Eames writes that now is as good a time as any to visit the ‘Emerald Isle’.

‘We’re not here for a long time but a good time’ pretty much sums up the Irish attitude to life. Yet the Ireland of today is quite different from the country I grew up in – a traditional Catholic enclave on the periphery of Europe, where foreigners were few and far between except for the American tourists who headed en-masse to rediscover their Irish ‘roots’. It is also no longer the brash materialistic society – better known as the Celtic Tiger – that it was between 1995 and 2007.

People have started to lose their materialistic values and go back to being the way Ireland, and the Irish, once were

In 2006 I moved back to Ireland after being away for almost 10 years. And I received a slight culture shock. Sure, the fields were still green, you still needed to carry an umbrella everywhere with you, the Guinness was still the best in the world and the public transport still had a mind of its own.

Yet I saw Ireland through a new set of eyes, as a native rediscovering her country. I was shocked that we came last in the Eurovision song contest in 2007… a poor performance for the country that had bred Johnny Logan and other Eurovision greats.

It seemed like the Eurovision just wasn’t ‘cool’ anymore and nobody cared about the national pride of winning. You heard almost as many eastern European languages on the streets as English, and young ‘Chinese’ and ‘African’ kids spoke with a strong Irish twang.

Dublin, on the surface, resembled a city in the midst of a gold boom, living like it had discovered zillions of barrels of oil which would never dry up. Driving a flashy car was a must and it was considered a ‘good’ idea to buy ‘bargain’ apartments in Dubai and ski resorts in Bulgaria, villas in Spain and a few houses in Ireland.

A new terminal was being built at the airport and the M50 ring road around Dublin was getting an extra lane to ease the congestion.

Sure, there were still plenty of cosy pubs and friendly banter, but Ireland had lost much of its ‘soul’ and laid-back casual charm.

In its place were trendy cafes, top-class international restaurants, plenty of five-star hotels, limousine and helicopter services, private jets together with a new-found energy and multicultural atmosphere, and a sense of pride that Ireland was finally playing in the top league.

Local and international media bragged about the Irish success story, claiming that this was the model to follow.

However, appearances can be deceptive. Lurking deep under the surface was a country struggling to deal with a new identity. Everyone was clocking up debts like filling their shopping basket in a supermarket, banks constantly offered loans, higher credit rates.

As Suze Orman, personal financial guru in the US, said when I interviewed her: “If you give people too much credit, their natural instinct is to want more.”

And then there was the property market. The bubble that nobody ever thought would burst. Land and real estate was snapped up everywhere; houses and apartments were sold for sky-high figures. Demand exceeded supply and the developers just kept on developing.

If you talked nicely to your bank, you could even remortgage your property and buy a second place. Nobody thought about ‘what if...’ – what if the prices dropped, what if I lose my job and can’t afford the repayments. Simple. Just don’t worry about it.

To make ends meet, both parents had to work, and those who could not afford property in high-priced Dublin had to commute three or four hours a day and battle daily traffic congestion issues.

Many were sitting on a ticking time bomb – sitting in properties that were grossly overvalued, with credit cards maxed out and loans they would never be able to repay in their lifetime unless they won the lottery.

Fast forward to 2011 and gone are the flashy cars, almost one in five people is unemployed, shops have closed down and assets like second-hand yachts, helicopters and small planes are being sold off.

Apartments and houses lie unsold or empty, or in the worst cases, repossessed by the bank. They’re worth a fraction of what they once were.

Since 2008, Ireland has been hit hard by the global recession, and a self-inflicted property bubble burst which has hurt a heavily indebted population.

In the beginning, people thought things would improve after a few months, but now three years later, reality is starting to bite … hard. People feel like they got slapped in the face and wonder what on earth happened. Easy. Blame everyone from the politicians to the banks.

Tourists who were put off by extortionate rates a few years’ ago, can now get a good five-star hotel for the same price as a three-star room in the past

The optimistic Irish character, which always tends to look on the bright side of life, is being tested to its limits. People are now counting their pennies, spending time rediscovering things that don’t cost an arm and leg, enjoying ‘treats’ which they have saved for, and there’s no more ‘job-hopping’.

There were people who didn’t go on a spending spree during the boom but they are now paying the price for those who went overboard. Those with a few euros in their bank account can finally buy their dream home – and at a rock-bottom price.

Tourists who were put off by extortionate rates a few years ago, can now get a good five-star hotel for the same price as a three-star room in the past. If you’re prepared to shop around, negotiate and book in advance, there are bargains to be found – just watch out for hidden extras. Restaurants, bars and cafes all offer competitive menu prices.

Today, the consumer sits in the driving seat, not the seller.

But the best part about the end of the Celtic Tiger is that people have started to lose their materialistic values and go back to being the way Ireland, and the Irish, once were. So if you are a tourist who has yearned to visit Ireland for years, if you are an investor who wants to snap up a bargain, or a company searching for well-educated people, Ireland’s a good place to be right now.

Note to readers: I have focused on Ireland in this article due to my first-hand experience as an Irish person and having invested during the peak of the property boom. Of course, other European countries – Portugal, Greece, Spain, and more – are in exactly the same situation, and what happened in Ireland is not an isolated example.

The best bargains in Ireland now

Accommodation: Treat yourself – stay in a five-star hotel for the same price as a three-star hotel back in 2007. For tourist information visit www.discoverireland.ie.

Shopping: Irish cities like Dublin, Cork, Limerick and Galway are great for retail therapy and have many of the British high street stores with the added advantage that you can shop in euros instead of British pounds.

Real estate: From commercial to apartments and countryside cottages, now’s the time to buy your dream Irish property.

Employees: Ireland has a great pool of young, talented professionals, many of which are currently unemployed and open to new opportunities.

Investments: With prices at an all-time low now is the time to invest in ventures in Ireland which also has one of the lowest rates of corporate tax in the EU.

Luxury products: Yachts, planes, limousines and helicopters are rumoured to be at rock-bottom prices as owners look for a quick sale and are open to negotiations.

Getting there: Ryanair flies direct to Dublin from Malta and has great deals if you book in advance and are flexible on your dates.