European Property Auction
If you’ve got cash in Sterling or Dollar denominations and are looking for the most productive investment for this cash, then you may well be interested in a European property auction. Over the past few years European property has proven extremely popular not only with Euro based investors, but also with UK and US based investors.
There are a number of reasons for the attraction. The main one is the huge correction that was experienced in a range of worldwide property markets in the period from 2007 to 2010. Some of the worst affected economies at this time were a European group unflatteringly referred to as the PIIGS nations. These were Portugal, Italy, Ireland, Greece and Spain. All suffered severe economic realignments at the time. Some have been in recovery mode, such as Portugal and Ireland. Others, such as Greece, have had a less successful, and more publicised, struggle with the recovery process.
Recovery in Ireland has been relatively swift, which has resulted in a quickly growing property market. The recovery process has led to a range of high quality property auctions grabbing a large portion of the property sale market. Auctions have proven popular with property buyers as they offer a level of transparency and speed of transaction not offered by traditional Private Treaty sales. The biggest problem for investors at auction is that once you buy there is no turning back. You need to be very sure of what you are buying. Private Treaty offers far more time and opportunity to make sure that your investment is sound.
Ireland’s property auction rooms have been kept busy by overseas investors looking to cash in on very attractive rates against the Euro. This has given Sterling and Dollar based investors a significant advantage. Euro based investors looking for returns that will better those from pitiful Bank deposits or stock markets that have proven somewhat volatile, have been flocking to European property auctions.
Here at Irish Property Sourcing we have been representing investors at a range of property auctions around the country for a number of years. There are many worthwhile properties for sale at each auction, but there are also a range of properties that could be termed ‘questionable’. Please do be careful, we can offer the expertise needed to sort the wheat from the chaff at auctions. We offer expert advice on whether a property is worth bidding on or would be best left alone.