O’Donnellan & Joyce will hold a mega property auction on March 14 when it places what is anticipated to be a record number of properties for sale by public auction. Anybody who has an interest in placing property for sale in this auction should register with the agents.
According to Colm O’Donnellan of O’Donnellan & Joyce the disposal of property by public auction has become the best way to sell properties in the current climate. Last year the company sold a record number of properties with a 90 per cent success rate, making O’Donnellan & Joyce the undisputed market leader in the west of Ireland selling properties by auction.
Currently there is enormous interest, particularly from cash clients at home and overseas who are looking to purchase properties in the Galway area and throughout the west of Ireland. There is a general sense that the property market has reached the bottom and property is starting to move, which was the experience of O’Donnellan & Joyce within the last six months of 2013. For cash customers there was the added incentive that properties acquired in 2014 and held for seven years attract no capital gains tax. This is a huge incentive for investors as there is no other asset that you can hold and sell at a profit that is tax free. This incentive, combined with little or no return on money in the bank, is expected to create an avalanche of interest from investors in 2014, particularly from cash investors at home and overseas. It is the experience of O’Donnellan & Joyce in the last six months that banks are starting to return to the market, particularly for first time buyers and home owners.
O’Donnellan & Joyce holds its auctions in the Harbour Hotel in Galway city, which is packed to capacity with buyers and interested parties. The auctions are streamed live by Brandt Studios in conjunction with the Galway Advertiser and can be watched online both at home and abroad. The streaming of the auctions proved a huge success last year; many people viewing it gained a great insight into the current market and the auctions are watched with tremendous interest, particularly by overseas buyers.
O’Donnellan & Joyce is actively looking for properties throughout Galway city and the west of Ireland for its next auction which takes place on March 14.
Anyone interested in placing a property for sale by public auction can contact a member of the auction team at O’Donnellan & Joyce at (091 ) 564212 or by email at [email protected].