Galway auctioneers O’Donnellan and Joyce are expecting a record number of properties to go under the hammer in March, when they hold a ‘Mega Property Auction’ in the Harbour Hotel.
The Mary St auctioneers are now calling on anybody who has an interest in placing their property for sale in this forthcoming auction to register their property.
Colm O’Donnellan of O’Donnellan and Joyce says that the disposal of property by public auction has become “the best way to sell properties in the current climate”. Last year, O’Donnellan and Joyce sold a record number of properties with a 90 per cent success rate, making O’Donnellan & Joyce a market leader in the West of Ireland in selling properties by auction.
Currently there is enormous interest in auctions, particularly from cash clients at home and overseas who are looking to purchase properties in the Galway area and throughout the West of Ireland.
According to O’Donnellan and Joyce, “there is a general sense that the property market has reached the bottom and property is starting to move”.
For cash customers there was the added incentive that if you acquire a property in 2014 and hold it for seven years there is no capital gains tax payable on the property. This, say O’Donnellan and Joyce, “is a huge incentive for investors as there is no other asset that you can hold and sell it at a profit that is tax free”.
This incentive, aligned 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.
O’Donnellan and Joyce hold their auctions in the Harbour Hotel in Galway City and the auctions are streamed live and can be watched on the website at both home and abroad.
Currently, O’Donnellan and Joyce are actively looking for property throughout Galway City and the West of Ireland for their next auction which takes place on Friday, 14 March. Anyone interested in placing their property for sale by public auction can contact a member of the auction team at O’Donnellan & Joyce at 091-564212 or by email on firstname.lastname@example.org.