Today you can buy real estate in Ireland at discounts of up to 80% from peak prices. Here’s the “why” and the “how….”

With low corporation tax and a highly skilled workforce, Ireland experienced an export-based boom from in the nineties. Over the course of the last decade, Ireland became an economy that sold houses, land, and cars to each other. The economy became unbalanced. Real estate prices soared. Credit flowed like an unstoppable torrent.

In 2008 everything spectacularly unraveled amid global financial and economic turmoil. Then, nothing happened. The real estate market went “no bid.”

Now things are getting started… deals are starting to flow… but not credit. In April, Ireland had its first-ever “fire sale” auction. Units sold at a discount of up to 80% off peak prices. A house in the Midlands region sold for $41,356. A city-center condo in scenic and buzzing Galway city sold for $96,514. Tenanted commercial and residential units sold with yields averaging 9% but some were well into double digits. A second auction took place on July 7. Pricing and the deals were broadly in line with April.

Don’t worry…. As we go to print, 74 units are going under the hammer in the third of these auctions. The deals are getting better. For example:

An ocean-view condo in the seaside town of Bundoran in the northeast county of Donegal will go under the hammer with a maximum reserve of $27,580.

A five-acre lot with a reserve of $45,508. Permits had been approved for two homes on the land. These have expired but could be reapplied for.

Get ready for the next auction. To view full details, including instructions on how you can bid remotely, see: http://www.auction.co.uk/irish/home.asp.

Click here to read about the secrets of Ireland’s south coast.