Lm1.1 million in property sold at auction

Seven properties yesterday were sold for Lm1.1 million in the first auction of its type at the Westin Dragonara Resort, St Julian's.

Pierre Faure, managing director of Malta Property Auctioneers, conducted the auction, which was attended by about 70 people.

Asked to comment on the outcome, Mr Faure told The Sunday Times that the new venture was a "great success".

When you consider that we started advertising in January and, some 10 weeks later, these properties, some of which had been on the market for a very long time, were sold, I consider that this was a great success, he said.

"We were amazed at the response from property owners at this alternative way to release the value of the assets," Mr Faure told the gathering. "Five of the 20 properties in the catalogue were sold prior to the auction at prices substantially higher than the guide price."

Although the bidding during the auction was sparse, many in the audience, who included some foreigners, were clearly there to get a feel for how such an auction was conducted.

Bidders were invited to register before the auction. Owners of property that remained unsold have the option to have their property in the next auction, on June 30, at no extra cost.