DNG Creedon: Investment shows emigrants intend to return home with their nest eggs

Over €2.4 million was realised at this week’s packed Imperial Hotel DNG Cork auction, with 35 properties sold in 21 lots under the hammer.

Investors were to the fore in the event, streamed on the web with phone bidders active from Munster, Tunisia, Dubai and Australia, “individuals who left Ireland at the end of the boom have created a nest egg and intend to come back to us,” notes DNG Creedon auctioneer Shane Finn.

Top seller was a house 1/1A Maryland, Knockrea Terrace on the Old Blackrock Road, making 44% over the guide to fetch €395,000 after 67 bids.

A two-bed 800 sq ft penthouse apartment at 18 Quay House, Fitton Street, made €236,000, almost 40% over its guide

“The day really shows that the Cork market love auctions, and want to buy locally; there is still big cash in the market,” say DNG who add 346 parties registered for the auction, with 317 registered to buy.

A total of 643 contracts were sent out for the initial 25 lots, but legal issues arose over four of the lots.

They are expected to returned either to the private treaty market or to the next scheduled auction in February 2016.

Details: www.dng.ie