Friday, April 15, 2011
If only it were London
Irish homes that were once worth millions could be sold for a fraction of the price at the country's first ever "distressed property" auction. Highlights include a penthouse apartment in Dublin's Chancery Lane. Three years ago, it would have cost 1m euros. The maximum reserve at today's auction is a quarter of that. Until now, the value of property has been dictated by over optimistic vendors. The auction will allow bidders to determine the true value of property in Ireland's stagnant market.