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Pricing is priority for UAE's second property auction

Alex Delmar-Morgan Arabianbusiness.com
Pricing is priority for UAE's second property auction - Pricing - priority - UAE - property - auction - properties


Property consultant Sherwoods, which is to hold a public real estate auction next week, may whittle down the number of lots from 50 to 20 as it looks to beat down reserve prices to attract buyers.



The firm will auction a mixture of completed and off- plan commercial and residential properties along with plots of land in a bid to kick-start demand in Dubai, after broker Madania Real Estate failed to sell a single lot at its auction on Tuesday amid criticism the homes on offer were too expensive and didn’t represent current market prices.

Jeremy Mayhew-Sanders, the co-auctioneer and head of investments and developments at Dubai-based Sherwoods said his company would speak to sellers over the next few days to agree a reserve price so that the properties would have the best chance of attracting bids.

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