The first apartment to be auctioned in Dublin's International Financial Services Centre was sold yesterday for more than twice its original price, writes Jack Fagan, Property Editor.

The two-bedroom unit in Custom House Harbour, bought by an investor two and a half years ago for £83,450, made £216,000 at a Hamilton Osborne King auction - representing an increase of 280 per cent. The 700 sq ft unit was bought by another investor who can avail of the full Section 23 tax breaks on rental income. The apartment is located on the fourth floor of the Island Block and has a car parking space at basement level. Similar homes in the IFSC are being rented at up to £700 a month.