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Why was UAE’s first property auction a flop?

Kippreport
Why was UAE’s first property auction a flop? - Why - UAE - property - auction - flop


None of the four properties up for bidding made their reserve price at Dubai’s first property auction held by Madania Real Estate, on Tuesday, reports Zawya.



villa in Arabian Ranches sold for AED2 million, and another in Al Mahra, also at Arabian Ranches, sold for 3.5 million. Both properties, however, did not meet the sellers’ reserve price; sale will be complete only if the owners agree to lower their valuations. The two other properties at the auction - a penthouse in Jumeirah Beach Residences, and another villa in Al Mahra - did not attract any bids from the crowd. Successful bidders were required to pay a 20 percent deposit and a two percent Land Department fee on the property.

”The auctioneering method of sale is unique in that it facilitates sales between a buyer and vendor in the most transparent manner and puts the property before the price,” said Raymond Kuceli, CEO of Madania, prior to the auction.


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