dot.es was sold yesterday at Sedo online auction for 10,600 USD. This is one of the highest 3-letter ccTLD public sale ever. This is twice as much as the minimum wholesale price for 3-letter .com names (source). Another big sale of 3-letter ccTLD was fly.pl (Poland) sold for 20,304 PLN (6,800 USD) in February 2007. Both of this domain names are 3-letter premium domains.
Average wholesale price for .pl, .es and many other 3-letter ccTLDs is few hundred dollars at D2D market (Domainer-to-Domainer). But end user prices are very often between 1,000 – 3,000 USD. Few examples of 3-letter ccTDLs sold recently (source):
sks.ch 1,650 EUR (Switzerland)
htg.eu 1,500 EUR (European Union)
eli.eu 1,400 EUR (European Union)
alj.fr 1,000 EUR (France)
In my opinion, this shows nice potential in 3-letter ccTLD market, where you can buy cheap (200-500 USD) and sell for few thousand USD. But to achieve good prices – you need to sell to end users rather to investors.
I personally own 1000+ 3-letter ccTLD domains (mainly .pl TLD) and I believe this is much better investment than 3-letter .com domains, where the wholesale price is already quite high and potential growth is lower than in ccTLD market.