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Irish Property Prices
Today (3rd October) will see the latest major auction of Irish properties, as leading Irish property auctioneer Allsop Space presents 127 lots of commercial and residential properties from across Ireland at the Shelbourne Hotel in Dublin.
The sale headlines with a former convent of the Sacred Heart in Roscrea, featuring beautiful listed buildings dating back to 1845 as well as 5.25 acres of land suitable for commercial or residential use, although planning permission would need to be sought. Roscrea is a gorgeous heritage town 75 miles from Dublin. Incredibly the lot is to have a reserve of no more than £80,000, and so unsurprisingly is expected to attract a lot of interest, particularly from overseas buyers.
Robert Hoban, director for Allsop Space, said: "Our introduction of large scale, multi lot auction sales to Ireland has changed the way property is transacted and has opened the Irish market further to international buyers. With the government offering attractive stamp duty and capital gains initiatives, the stabilisation of the rental market and the weakening strength of the Euro it has never been a better time for overseas buyers to enter the market. This is the most amount of property to be offered at auction in Ireland and the catalogue features a variety of property types that will appeal to international buyers seeking opportunistic investment or second homes."
Such large scale auctions are widely regarded as being the way forward for the Irish property market. This is especially true now that the rental market appears to be stabilising, making discounted properties very popular with buy to let investors. According to Daft.ie Dublin rents are up 2% on last year, and the number of properties available for rent is down 13%, making for an opening in the market.
Buy to let investors will be particularly keen on the lot of four neighbouring houses in Walkinstown with a reserve of up to or under £290,000, which would have barely bought one of the houses in 2007.
The auction also contains its fair share of heavily discounted prime properties, like 1 Edward Square, Donnybrook, Dublin, which is a luxury duplex apartment in one of Donnybrook's most exclusive developments set at a £237,000 reserve. In November 2004 apartments like it sold for between £800,000 and £3.6m.
The auction will be another chance to gauge confidence in the Irish housing market, and if successful we can expect to see a lot more like it.
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*This page is provided for information purposes only and should not be construed as offering advice. IPIN is not licensed to give financial advice and all information provided by IPIN regarding real estate should never be treated as specific advice or regulations. This is standard practice with property investment companies as the purchase of property as an investment is not regulated by the UK or other Financial Services Authorities.