At an auction of homes bought abroad cash strapped property owners hope to recoup some of their investment.

The bottom has fallen out of the international property market for the estimated two hundred thousand Irish who own a property overseas. 

It was the ultimate accessory during the Celtic Tiger, owning a foreign property for holidays or as an investment.

Ann Collins of the Overseas Property Auction explains why owners are trying to reap back any money possible from their investments. 

One investor, Alan Delaney, has been trying to sell two apartments in Spain for the last six to eight months. He is now prepared to take a loss on his investment.

There are sixty property up for auction at Citywest Hotel in Dublin. These include a villa in Spain previously valued at €1.2 million and now for sale at €558,000; a one bedroom in Antiga with a market price of €500,000 and now on sale at €272,000; and a one bedroom property in Bulgaria bought for €50,000 is now on sale for €20,000. 

Despite what might be considered bargain prices, by the end of the auction there had been just one sale. 

An RTÉ News report broadcast on 29 January 2009. The reporter is Adrian Lydon.