For sale... fancy a flat for 11,700 euros?

image captionThe apartments in Ballybofey are being sold as one single lot

For just over half a million euros, a property hunter could find themselves the owner of not one, but 47 apartments.

The apartments in County Donegal are going under the hammer at a public auction.

They are being sold as one lot, making the apartments in the development in Ballybofey about 11,700 euros each.

The auction will be held in the town on 24 November.

The one, two and three bedroom apartments have been placed in receivership and they range in size from 63 sq. mts, to 108 sq. mts.

They are to be sold off with a reserve price of 550,000 euros.

The sales agents are Sherry FitzGerald Rainey, acting for Patrick McDermott, receiver for Navenny Developments Ltd.

A spokesperson for Sherry Fitzgerald Rainey, Dermot Rainey, said: "The auction represents an important sale being the first of an incomplete development of this size to take place in County Donegal."

The properties are being marketed as "completed to at least first fix stage" and are being sold in one single lot "as is" at current stage of construction.

According to Mr Rainey, work will need to be completed on bathrooms, kitchens and communal spaces and lifts.

Mr Rainey said he believed that November's auction would generate interest from property developers.

The sale is another example highlighting how prices has been hit by the downturn in the property market.

There are more than 2,800 so-called ghost estates in the Republic according to a survey carried out by the Irish government.

The report published last week gave a break down of the number of new developments unfinished in the wake of the property market collapse.

It identified 33,000 houses which were complete and vacant or incomplete.