Few bidders at overseas property auction

THERE WAS just one sale at an overseas property auction in Dublin last night, during which real estate was being offered for up to half of its original value.

The Spanish house, which sold for some € 180,000 last night, was in Marbella and was originally bought by the vendor for some €300,000.

Over 200 people gathered at the Citywest Hotel for the auction, which offered over 60 foreign properties in places previously popular among Irish investors, such as Antigua, Bulgaria, Cape Verde, Dubai, Spain and Turkey.

However, organisers were happy with the result, describing the auction as “just the beginning”.

“We didn’t expect a lot of offers through the night. Since the auction and during the break we have had 10 to 15 buyers come to us who are interested in properties, ” Ann Collins of Propertyauction.ie said last night.

Many of the properties are being sold at 20 or 30 per cent discount by vendors who need to sell them quickly.

“A lot just want to get rid of them. They may have lost their jobs and can’t pay for a second mortgage as well,” Ms Collins said.

The organisers argue that this novel way of selling overseas properties is also an opportunity for bargain-seeking buyers.

“They can’t invest in the stock market or bank shares, but in a downward property market there is only one way it can go,” Ms Collins said.

Another overseas property auction is planned for April.