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Allsop Space’s first auction of 2012 today at the Shelbourne Hotel, Dublin has proved that demand for property in Ireland is improving.

The sale received unprecedented interest leading up to the day. Nearly 2000 sets of legal papers were downloaded from the auctioneers’ website.  On the day it was a standing room only. Auctioneer and Allsop Space director, Gary Murphy, had to stop proceedings to ask any spectators to leave the room for half an hour in order to make way for bidders.

Gary Murphy said  “The interest in property in Ireland is so keen. It’s been very encouraging to see bidders returning to our sales with such enthusiasm.  These are exciting conditions. We’ve been able to establish real market value in a very transparent way. Irish buyers were competing aggressively against foreign buyers. We had bidders on the phone, proxy bidders and on line bidders from all corners of the world including Australia, America, mainland Europe and Asia.

Over 2000 buyers attended the auction, 93 properties were offered, and at the time of writing 87 have sold achieving a success rate of 94% and raising  €12.4m in total.

€1.02M was achieved for the largest lot of the day (lot 91), a mixed use building located in Upper Ormond Quay, Dublin 7, comprising a ground floor commercial unit and eight self-contained apartments.

No longer considered a ‘distressed sale’, one third of the lots at the auction were offered on behalf of private individuals who wish to take advantage of the smooth and efficient process, providing certainty and true price discovery, in an otherwise challenged market.

Robert Hoban, Director of Auctions at Allsop Space commented “At every auction the percentage of private vendors is increasing as more and more people want to put their properties out to the open market.  Auctions are now a proven method for successful property disposals and many sellers are attracted by our far reaching marketing and press campaign. This is the fifth auction held by Allsop Space, the leading property auctioneers in Ireland. To date the five sales held by the firm have  achieved an overall success rate of 93% raising over €64.8 million.

Bank of Ireland took a desk in the venue to offer mortgage advice to potential auction buyers.


Notes to editor

About Allsop Space

Allsop Space is a property auction partnership between Allsop, the UK’s most successful property auctioneer and Space, a Dublin based property consultancy. The partnership provides a leading property auction service for distressed and private property across the Republic of Ireland with an average success rate to date of 92%.


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