The auction, which featured 24 lots from Bulgaria, Spain, Turkey, the US and Panama, saw the instant sale of 11 lots, with others currently under negotiation.

Auctioneer on the night, Inez Rix, director of DirectAuctions, was delighted with the result. "This is the first time that we have run an overseas auction in Ireland and we were a little nervous beforehand. However, it's obvious that the people buying last night can recognise a bargain when they see one, " says Rix, who co-founded the company three years ago with Barry McEntee.

Panama turned out to be one of the big destinations on the auction night, with a three-bed house in Boquete selling for 98,000.

Property prices are said to be increasing in Panama with strong interest from the US market. "When American money flows into a country, then prices start to rise. Donald Trump has also opened a new tower block in the capital . . . and he is known for his savvy property expertise, " says Rix.

Other areas of interest included Bulgaria, where houses in need of complete repair sold very cheaply by Irish standards. The first house in the auction, a twostorey, two-bed house, 100 km from the capital Sophia, opened the bidding and was sold for just 3,050.

A repeat auction is now planned for Tuesday 27 June, again in Jury's Hotel.

Further details on www. direct-auctions. com