All eyes will be focused this morning on the Real Estate Alliance auction where 59 properties are going under the hammer today for up to 60% less than their original asking price.
The auction, which kicked off at 11am in Dublin’s Shelbourne Hotel includes houses, apartments, commercial properties and development sites ranging in price from €60,000 to €1.5m. Most of what’s on offer today are located in the provinces where the market has taken a heavier hit than in the main cities and towns.
Some believe the auction will help provide the Government with a true valuation of properties across the country and will also reveal the answer to the million dollar question i.e. has the property market finally bottomed out? The auction has also been described as a desperate attempt to kickstart the property market and Eimer O’Keeffe of REA says members are convinced that today’s auction will act as a “catalyst to stimulate the market nationwide”.
Have your say?
- Will this auction stimulate the Irish property market on an upward trend?
- Will it reveal if the market has finally bottomed out and provide a true valuation of properties in Ireland?