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Wednesday, 8 June 2011

Irish House Prices Slashed...

Ailesbury Road pad for sale at 6th of price...

A PERIOD house on Dublin's Ailesbury Road will be offered for sale next month at €1.45m -- just a sixth of its boomtime value.

The large residence, with one of the city's most desirable addresses, would have been valued at over €10m at the height of the property market.

It is being priced at €1.45m in a sale of distressed properties on July 7 next.

Another impressive Rathgar property, which is now divided into five self-contained flats, could have reached anything close to €2m at one stage, but has had its reserve set at €495,000.

And a home at the foothills of the Dublin Mountains with almost an acre of land has been listed as one with offers from €450,000 -- slashed from more than €1m in 2006.

The sales are part of three further auctions of distressed properties lined up for Dublin after the massive run on discounted houses earlier this year.

Banks eager to get more properties off their books have turned to auctioneering companies Allsop and Space to put houses under the hammer.

The first event at the Shelbourne hotel in May was over subscribed and properties sold at a snip of their original costs. International buyers, mainly from the UK, cleared 20pc of the contracts.

Now an additional 90 lots of residential and commercial property are expected to pique interests at the sale.


Report by Claire Murphy - Evening Herald

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