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Distressed property auction promises to offload €20m in stock at '80s prices

ANOTHER distressed property sale will take place next month with almost €20m worth of housing stock on offer.

The sale -- to be held in Cork on June 24 -- features houses from across Munster, some at discounts of up to 60pc, and is expected to emulate the success of the first distressed property disposal in Dublin.

Organising auctioneer Noel Forde said the sale represents a "once in a lifetime chance" to obtain properties at 1980s prices.

The auction follows the success of a discounted prop-erty sale in Dublin last month which saw deals worth €14.8m struck in just six hours.

Mr Forde, of GMAC Properties in Castletownbere in west Cork, said he expects similar levels of interest.

"There is money out there and people are simply waiting for the right time to buy and the right property to invest in," he said.

"There was nothing moving in the property market for us and we were tired of sitting in our office waiting for something to happen. We saw what happened at the Dublin auction and decided to go for something similar here in Munster," he said.

Properties going under the hammer include three-bed holiday homes in west Clare on offer for €80,000 compared to their €200,000 asking price in 2006/2007.

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