Baltimore, MD (PRWEB) April 27, 2012
The dramatic collapse of Ireland’s property market is throwing up potential bargains for North American buyers who can now own in the Emerald Isle for as little as $13,000 InternationalLiving.com has reported.
Irish property prices have been in free fall since 2008 and so-called “fire sale” auctions, in which real estate is put on the market with price tags that are a fraction of previous valuations, have become a regular occurrence.
Ireland’s next fire sale, being run by UK property auctioneer Allsop, will feature properties marked down by as much as 80%.
Among the properties listed is a two-bedroom bungalow with front and back gardens and off-street parking – with a starting price of €15,000 ($19,849).
Land values as well as built properties have been hit. At one recent fire sale auction, a 1.5-acre lot in a picturesque County Claire village on Ireland’s West Coast failed to make its reserve of $13,000.
Properties at the top end of Ireland’s real estate spectrum have also witnessed heavy discounts, with prices collapsing on everything from luxury city apartments to rural mansions.
Two years ago, after going into receivership, the historic Kilkea Castle in Ireland’s County Kildare was advertised with an asking price of $21 million.
The property, Ireland’s oldest continually inhabited castle, had been developed into a resort facility with an 18-hole, par 70 championship course.
However, according to real estate expert Ronan McMahon, the entire development could now be secured for a price far below even its receivership price.
He explained, “Last February the price was reduced to $8 million. My guess is that $4 million would buy this resort facility – probably less.”
Some 106 lots are set to go up for sale at Allsop’s upcoming auction on May 3 and McMahon said he expected most to sell.
“At its five fire sales to date, Allsop has sold 90% of its inventory,” he explained.
InternationalLiving.com’s article on Ireland’s real estate market can be read here: “Irish Property: Get 80% Off Peak Prices at Auction”.
Editor’s Note: Members of the media have full permission to reproduce the article linked above either in full, or in part, once InternationalLiving.com is cited as its source and hyperlinked back to the original article on the InternationalLiving.com site.
Media Contact: For information about InternationalLiving.com content republishing, available source material or to book an interview with one of our experts, contact Associate Editor Carol Barron, 772-678-0287 (US), CBarron(at)InternationalLiving(dot)com or visit International Living Media Center. For automatic updates on the most current stories, follow International Living Media on Twitter.
For more than 30 years, InternationalLiving.com has been the leading authority for anyone looking for global retirement or relocation opportunities. Through its monthly magazine and related e-letters, extensive website, podcasts, online bookstore, and events held around the world, InternationalLiving.com provides information and services to help its readers live better, travel farther, have more fun, save more money, and find better business opportunities when they expand their world beyond their own shores. InternationalLiving.com has more than 200 correspondents traveling the globe, investigating the best opportunities for travel, retirement, real estate, and investment.